A têmpera controlada pela entropia : uma caracterização formal

Share Embed


Descrição do Produto

Universidade de Aveiro Departamento de Matemática 1999

António José Batel Anjo

A Têmpera Controlada pela Entropia Uma caracterização formal

dissertação apresentada à Universidade de Aveiro para cumprimento dos requisitos necessários à obtenção do grau de Doutor em Matemática. Trabalho realizado sob a orientação científica da Prof. Doutora Maria Rosália Dinis Rodrigues, Professora Auxiliar do Departamento de Matemática da Universidade de Coimbra

o júri presidente

Reitor da Universidade de Aveiro

vogais António Dias de Figueiredo Professor Catedrático da Faculdade de Ciências e Tecnologia da Universidade de Coimbra Maria Beatriz Fernandes Matias Professora Associada da Universidade de Aveiro Domingos Moreira Cardoso Professor Associado da Universidade de Aveiro Helena Ramalhinho Lourenço Professora Auxiliar do Departamento d'Economia i Empresas da Universidad Pompeu Fabra, Barcelona, Espanha Maria Rosália Dinis Rodrigues Professora Auxiliar da Faculdade de Ciências e Tecnologia da Universidade de Coimbra (Orientadora)

agradecimentos

À Prof. Rosália pela forma como conduziu a orientação deste trabalho, em que a amizade e a liberdade de pensamento estiveram sempre presentes. À Paula Carvalho e ao Prof. David Vieira pela leitura atenta deste trabalho e por todo o apoio ao longo destes anos. À Andreia Hall, Luís Comparada, Ana Maria Almeida e Manuel Rodrigues pela dedicação com que leram este trabalho. À Auzira Bettencourt por ter estado presente em todos os momentos. À Maria João e à Rosa Elisa por terem estado, efectivamente, presentes em todos os momentos. À Zhang Yulin pelo desenho do caracter que se encontra na capa e que representa a Entropia.

resumo

Nesta dissertação é proposto um modelo para a Têmpera Simulada, como abordagem metaheurística para a resolução de problemas de Optimização Combinatória. O modelo é construído tendo por base o conceito de Entropia entendido no contexto da Teoria da Informação. Para este modelo é feita uma caracterização formal e são estabelecidas propriedades a partir das quais se demonstram diversos resultados. A partir deste modelo são deduzidos algoritmos adaptáveis e gerados automaticamente em tempo real. São apresentados testes computacionais da aplicação de um algoritmo assim construído ao Problema do Caixeiro Viajante.

abstract

In this dissertation a new model for Simulated Annealing is presented, as a meta-heuristic approach to Combinatorial Optimisation problems. The model is built upon the concept of Entropy, in the sense of Information Theory. A formal characterisation is established and several results, such as the asymptotic convergence of the method, are proved. A class of algorithms is them derived from the model, which are adaptable and automatically generated in running time. Computational results of the application of a simple algorithm of that class, where applied to the Travelling Salesman Problem, are also reported.

x,Q G LF H ,Q WU R G X }F aD R

,





2 S WLP L] D }F aD R & R P E LQ D WxR U LD



3UREOHPDV GH 2SWLPL]D}F aDR &RPELQDWxR ULD                    



2 3UREOHPD GR &DL[HLUR 9LDM DQWH                         





7HRULD GD &RPSOH[LGDGH                               0HWDKHXUxuVWLFDV                                    

 

$OJRULWPRV *HQxH WLFRV

                          

5HGHV 1HXURQDLV H 0xDTXLQDV GH %ROW]PDQQ               



   



7 AH P S H U D 6 LP X OD G D









'D )xuVLFD wD 2SWLPL]D}F aDR &RPELQDWxR ULD                      



&DGHLDV GH 0DUNRY                                 

 



'D 2SWLPL]D}F aDR &RPELQDWxR ULD wD )xuVLFD                       0RGHOR ?FOxDVVLFR GD 7AH PSHUD                           

([LVWAH QFLD H &RQYHUJAH QFLD GD 'LVWULEXL}F aDR (VWDFLRQxDULD        



&ODVVLqFD}F aDR GRV $XWxR PDWRV (VWRFxDVWLFRV                

$XWxR PDWRV (VWRFxDVWLFRV                               

$XWxR PDWRV (VWRFxDVWLFRV 0RGHORV 3 H 6

                

&RPSRUWDPHQWR $VVLPSWxR WLFR GDV 7UDQVL}F aR HV                   ,

  

 

 



,Q WUR G X }F aD R 

( Q WU R S LD









2 &RQFHLWR GH (QWURSLD                              



7HRULD GD ,QIRUPD}F aDR                                

'RPxuQLRV GH $SOLFD}F aDR                                

2 7HRUHPD GH 6KDQQRQ                          



(QWURSLD GH XPD YDULxDYHO DOHDWxR ULD FRQWxuQXD               

 







(QWURSLD &RQM XQWD H &RQGLFLRQDGD                    

(QWURSLD 0xD[LPD                                   



'LVWULEXL}F aDR *DXVVLDQD

                         

'LVWULEXL}F aDR ([SRQHQFLDO                         

(QWURSLD 0xD[LPD H 6HTXAH QFLDV 7xuSLFDV                       

(QWURSLD GH 3DUWL}F aR HV H 9DULxDYHLV $OHDWxR ULDV               

 

 

 

  



$ 7 AH P S H U D F R Q WU R OD G D S H OD ( Q WU R S LD









2 0RGHOR                                       $ (QWURSLD GD 7AH PSHUD                              

& R Q VWU X }F aD R G H $ OJ R U LWP R V 

(VWLPDGRUHV                                     



5HVXOWDGRV                                      





8P ([HPSOR GH $OJRULWPR

                           

'LVFXVVaDR                                      









 

& R Q F OX VaR H V H 7 U D E D OK R ) X WX U R



5 H IH UAH Q F LD V



,,

,Q WU R G X }F aD R 2 WH[WR TXH VH DSUHVHQWD GD DXWRULD GH 0DUYLQ 0LQVN\ GR /DERUDWxR ULR GH ,QWHOLJAH QFLD $UWLq FLDO GR 0,7 WUDGX] GH XPD IRUPD TXDVH SHUIHLWD R HVSxuULWR FRP TXH VH LQLFLRX HVWH WUDEDOKR * R VWR G H UHVR OYHU S UR EOHP D V Q R X WUR V FD P SR V ^ HQ JHQ K D ULD  P D WHP xD WLFD  IxuVLFD H

ELR ORJLD  0 D V VHP S UH TX H X P S UR EOHP D SD UHFH P X LWR G LIxuFLO SR Q K R P H D SHUJX Q WD U D P LP S UxR S ULR SR UTX H VHUxD HOH WaD R G LIxuFLO H OxD HVWR X HX G H Q R YR Q D S VLFR ORJLD  (x

FOD UR TX H WRG R V Q xR V X VD P R V WxH FQ LFD V G H D X WR D MX G D FR Q K HFLG D V FR P R SHUJX Q WD U ? ( VWD UHL D UHS UHVHQ WD U R S UR EOHP D G H X P D IR UP D G HVD G HTX D G D "  R X ? ( VWD UHL D WHQ WD U X WLOL]D U X P P xH WRG R SR X FR D S UR S ULD G R "   1 R HQ WD Q WR  X P R X WUR S URFHVVR

xH SHUJX Q WD U ? & R P R SRG HULD HX FR Q VWUX LU X P D P xD TX LQ D SD UD UHVR OYHU HVWH S UR E OHP D " 

+ xD X P VxH FX OR  Q aD R K D YHULD TX D OTX HU SR VVLELOLG D G H Q HP P HVP R G H FR P H}F D U D SHQ  VD U HP ID ]HU P xD TX LQ D V LQ WHOLJHQ WHV + R MH SR UxH P  K xD Q X P HUR VD V ERD V LG HLD V D HVWH UHVSHLWR  2 S UR EOHP D xH TX H TX D VH Q LQ JX xH P SHQ VR X R VX q FLHQ WH VR EUH R P RG R G H MX Q WD U WRG D V HVVD V LG HLD V

0DUYLQ 0LQVN\ $ 7 HUFHLUD & X OWX UD  

$ OHLWXUD GHVWH WH[WR HQWHQGLGD QR FRQWH[WR GR WUDEDOKR TXH VH YDL GHVFUHYHU FRORFD

GHVGH ORJR GXDV TXHVWaR HV TXH ?PxDTXLQD LQWHOLJHQWH SRGHUxD UHVROYHU R 3UREOHPD GR &DL[HLUR 9LDM DQWH" 2 HVIRU}F R PDLRU GHYH VHU IHLWR QD SURFXUD GH XPD PxDTXLQD RX QD GHPRQVWUD}F aDR GD H[LVWAH QFLD RX QaDR GH XP DOJRULWPR TXH R UHVROYD"

2 WHUPR ?PxDTXLQD xH XVDGR QR VHQWLGR GH DOJRULWPR RX GH XPD IRUPD PDLV JHUDO GH XP

PxH WRGR RX GH XPD HVWUDWxH JLD JHUDGRUD GH DOJRULWPRV 3UHWHQGHVH FRP HVWH PxH WRGR UHVROYHU SUREOHPDV GH 2SWLPL]D}F aDR &RPELQDWxR ULD SHUWHQFHQWHV wDV FODVVHV GH FRPSOH[LGDGH 13 'H XPD IRUPD DEUHYLDGD RV SUREOHPDV HVWaDR GLYLGLGRV HP FODVVHV FRQVRDQWH D VXD FRPSOH[LGDGH ,,,

,Q WUR G X }F aD R 2V SUREOHPDV ?WUDWxDYHLV SHUWHQFHP wD FODVVH 3 LVWR xH  H[LVWH XP DOJRULWPR TXH RV UHVROYH HP WHPSR SROLQRPLDO 3RU RXWUR ODGR H[LVWHP SUREOHPDV ?LQWUDWxDYHLV  QR VHQWLGR HP TXH

DLQGD QaDR VH HQFRQWURX XP DOJRULWPR TXH RV UHVROYD HP WHPSR SRORQRPLDO TXH SHUWHQFHP wD FODVVH 13 ([LVWH XPD VXEFODVVH GH 13 D FODVVH GRV SUREOHPDV 13^FRPSOHWRV GD TXDO R

3UREOHPD GR &DL[HLUR 9LDMDQWH xH XP SDUDGLJPxDWLFR UHSUHVHQWDQWH (VWD FODVVH DSUHVHQWD XPD FDUDFWHUxuVWLFD LQWHUHVVDQWH VH DOJXPD YH] IRU HQFRQWUDGR XP DOJRULWPR HP WHPSR SROLQRPLDO SDUD DOJXP SUREOHPD GHVWD FODVVH HQWaDR H[LVWH XP DOJRULWPR HP WHPSR SROLQRPLDO SDUD WRGRV RV SUREOHPDV D HOD SHUWHQFHQWHV

$ SURFXUD GD VROX}F aDR SDUD R 3UREOHPD GR &DL[HLUR 9LDM DQWH RX GD PxDTXLQD TXH R UHVROYD

FRQGX]LUxD wD FULD}F aDR GH PHFDQLVPRV GH UHVROX}F aDR KxuEULGRV LVWR xH  HVWUDWxH JLDV PXOWLGLVFLSOLQDUHV

7HUaDR GH HIHFWXDUVH SR Q WHV HQWUH RV GLYHUVRV FDPSRV GD FLAH QFLD RQGH D $ OJR ULWP LD RFXSDUxD XP OXJDU FHQWUDO GH FRQrXAH QFLD GDV PDLV YDULDGDV HVWUDWxH JLDV 2 3UREOHPD GR &DL[HLUR 9LDM DQWH

FRPR UHSUHVHQWDQWH GH XPD FODVVH PDLV YDVWD GH SUREOHPDV VHUxD HQWaDR XVDQGR XPD OLQJXDJHP ExH OLFD DWDFDGR QaDR SHORV FRQKHFLPHQWRV GHVHQYROYLGRV QXPD Xx QLFD xDUHD PDV SHOR UHVXOWDGR

GD VLVWHPDWL]D}F aDR GH GLYHUVDV WHRULDV ( D GHPRQVWUD}F aDR GH TXH 3 13 RX D PDLV SODXVxuYHO GH TXH 3 13 VHUxD UHVXOWDGR GH DERUGDJHQV VLVWHPxDWLFDV XVDQGR HVWUDWxH JLDV SURYHQLHQWHV GH GLYHUVDV xDUHDV GR VDEHU

(P FLAH QFLD D PDLRULD GRV SURFHVVRV GHVHQYROYHPVH JHUDOPHQWH SDUWLQGR GH XPD IDVH H[

SHULPHQWDO H VHJXLQGR SRVWHULRUPHQWH R FDPLQKR GD IRUPDOL]D}F aDR 2 UHVXOWDGR GHVWH SURFHVVR

xH R GHVHQYROYLPHQWR GH WHRULDV PDWHPxDWLFDV PDLV RX PHQRV FRPSOH[DV $V PHWDKHXUxuVWLFDV

RX DV KHXUxuVWLFDV FRP LQVSLUD}F aDR HP FRQFHLWRV QaDR IRJHP D HVWD UHJUD REVHUYDQGRVH DFWX

DOPHQWH XPD IRUWH QHFHVVLGDGH GH VH HQFRQWUDUHP IHUUDPHQWDV PDWHPxDWLFDV TXH DV SRVVDP

PRGHODU HVWDEHOHFHQGRVH GHVWH PRGR IXQGDPHQWRV TXH DV VXSRUWHP GR SRQWR GH YLVWD WHxR ULFR H SUxDWLFR $ FULD}F aDR GH XP PRGHOR DSDUHFH DVVLP FRPR R SULPHLUR GHVDqR 6HJXQGR

- 1H\PDQ   VHPSUH TXH VH HVWxD SHUDQWH XP IHQxR PHQR TXH VH SUHWHQGH HVWXGDU xH HVVHQFLDO

FRPH}F DU SRU FRQVWUXLU XP PRGHOR TXH SRGH VHU GHWHUPLQLVWD RX HVWRFxDVWLFR 2 PRGHOR GHYH x HVWH SRQWR D VLPSOLqFDU D REVHUYD}F aDR H DOJXQV SRUPHQRUHV REVHUYDGRV GHYHP VHU UHWLUDGRV ( SHGUD GH WRTXH GH WRGR R PRGHOR DWxH RQGH xH TXH RV SRUPHQRUHV GHVSUH]DGRV VaDR RX QaDR LP

SRUWDQWHV H GHWHUPLQDQWHV SDUD D UHSUHVHQWDWLYLGDGH GR PRGHOR $ YHULqFD}F aDR GD DGHTXD}F aDR

xH GLIxuFLO XPD YH] TXH PDWHPDWLFDPHQWH R PRGHOR SRGH HVWDU FRUUHFWR H QR HQWDQWR HVWDU HP GLVFRUGADQFLD FRP RV UHVXOWDGRV REVHUYDGRV 

8 Q LYHUVLW\ RI & DOLIRUQ LD 3 X EOLFDWLRQ V LQ 6 WDWLVWLFV 9 R O , 8 Q LY HUVLW\ R I & D OLIR UQ LD 3 UHVV    

,9

,Q WUR G X }F aD R $V FDUDFWHUxuVWLFDV GR PRGHOR VaDR GH H[WUHPD LPSRUWADQFLD SDUD R HVWDEHOHFLPHQWR GH SUR

SULHGDGHV GR PxH WRGR XPD GDV TXDLV VH UHYHOD GH JUDQGH XWLOLGDGH ^ D GHPRQVWUD}F aDR GH FRQYHUJAH QFLD

3 D UD TX AH G HP R Q VWUD U  D FRQYHUJAH QFLD GH XPD PHWDKHXUxuVWLFD" $ UHVSRVWD D HVWD SHUJXQWD HVWxD LQWLPDPHQWH OLJDGD DR FRQWH[WR RQGH HOD xH IHLWD 6H R

REM HFWLYR FRQFUHWR xH R GD FRQVWUX}F aDR GH XP PRGHOR PDWHPxDWLFR IRUPDO xH LPSRUWDQWH TXH

XPD GDV SULQFLSDLV SURSULHGDGHV VHMD D VXD FRQYHUJAH QFLD PHVPR TXH HVWH UHVXOWDGR QaDR WHQKD XPD FRQVHTXAH QFLD SUxDWLFD HIHFWLYD 1R HQWDQWR DFUHGLWDVH TXH VH DV SULQFLSDLV SURSULHGDGHV

GRV PRGHORV LQFOXLQGR DV FRQGL}F aR HV GH FRQYHUJAH QFLD IRUHP SURM HFWDGDV QRV DOJRULWPRV R VHX GHVHPSHQKR VHUxD PXLWR PHOKRU

3RU GHqQL}F aDR XPD PHWDKHXUxuVWLFD xH XPD HVWUDWxH JLD XVDGD SDUD REWHU VROX}F aR HV GH ERD

TXDOLGDGH H HYHQWXDOPHQWH VROX}F aR HV xR SWLPDV 1RV SUREOHPDV TXH SRGHP VHU UHVROYLGRV SRU DOJRULWPRV H[LVWH XP IRUPDOLVPR PDWHPxDWLFR TXH SHUPLWH D VXD FODVVLqFD}F aDR 1R HQWDQWR

QRV SUREOHPDV FXM D UHVROX}F aDR DVVHQWD HP PHWDKHXUxuVWLFDV HVWD FODVVLqFD}F aDR DLQGD QaDR IRL HQFRQWUDGD 8PD YLD SDUD XOWUDSDVVDU HVWD VLWXD}F aDR FRQVLVWH HP PRGHODU R PxH WRGR H HQFRQ

WUDU XP FRQM XQWR GH SURSULHGDGHV TXH SRVVDP GH DOJXPD IRUPD FODVVLqFDU DV FRQFUHWL]D}F aR HV GR SUREOHPD $ GHPRQVWUD}F aDR GH FRQYHUJAH QFLD WRUQDVH PXLWR LPSRUWDQWH XPD YH] TXH xH

XPD JDUDQWLD GH TXH R PRGHOR xH FR Q VLVWHQ WH QR VHQWLGR HP TXH SDUD DOxH P GH UHSUHVHQWDU D UHDOLGDGH FRQWxH P D LQIRUPD}F aDR QHFHVVxDULD SDUD TXH VRE FHUWDV FRQGL}F aR HV R PxH WRGR FRQYLUM D SDUD XPD VROX}F aDR xR SWLPD (VWD DERUGDJHP FODULqFD R IXQFLRQDPHQWR GDV PHWDKHXUxuVWLFDV H HVWDEHOHFH GH IRUPD LQHTXxuYRFD DV FRQGL}F aR HV QHFHVVxDULDV wD VXD FRQYHUJAH QFLD

,PSRUWD HQFRQWUDU PxH WRGRV GH UHVROX}F aDR FXM D VROX}F aDR WHQKD D PHOKRU TX D OLG D G H SRVVxuYHO

(VWDV HVWUDWxH JLDV VaDR HP JHUDO PXOWLGLVFLSOLQDUHV H WAH P HP FRQWD D QDWXUH]D GDV GLYHUVDV FRQFUHWL]D}F aR HV

$ DERUGDJHP XVDGD QDV PHWDKHXUxuVWLFDV FRQVLVWH QD REVHUYD}F aDR GD UHDOLGDGH D REVHUYD}F aDR

GR VHX GHVHPSHQKR SDUD D TXDO VH FRQVWUxR L XP PRGHOR H GHOH VH UHWLUDP WRGDV DV SURSULHGDGHV SDUD D FRQVWUX}F aDR GH DOJRULWPRV $ YDOLGD}F aDR GRV DOJRULWPRV GxD XPD SHUVSHFWLYD GR PRGH

OR TXH SRGH REYLDPHQWH VHU PRGLqFDGR 'HVWD IRUPD REWAH PVH PRGHORV FDGD YH] PDLV HODERUDGRV H ULFRV HP LQIRUPD}F aDR 

4 X HVWaD R OHYD Q WD G D S R U ' D Y LG - R Q K VR Q D T X D Q G R G D D S UHVHQ WD }F aD R G D FR P X Q LFD }F aD R ( Q WUR S\^G ULYHQ $ Q Q HDO

LQ J Q R 0 ,&   

9

,Q WUR G X }F aD R $ SDODYUD P xH WRG R WHP DTXL XPD FRQRWD}F aDR GLIHUHQWH GD KDELWXDO FRPR VLQxR QLPR GH DOJR

ULWPR 1R FRQWH[WR GHVWH WUDEDOKR HVWD SDODYUD xH VLQxR QLPR GH HVWUDWxH JLD GD TXDO VH SRGHP REWHU YxDULRV DOJRULWPRV SRU FRQFUHWL]D}F aDR GH XP FRQM XQWR GH GHFLVaR HV 2 PRWH GHVWH WUDEDOKR

IRL GDGR GXUDQWH D UHDOL]D}F aDR GDV 3URYDV GH $SWLGaDR 3HGDJxR JLFD H &DSDFLGDGH &LHQWxuqFD >%$@  RQGH VH HVWXGDUDP PxH WRGRV KHXUxuVWLFRV SDUD D UHVROX}F aDR GH SUREOHPDV GDV FODVVHV

13 1HVVH WUDEDOKR IRL GDGR AH QIDVH wD 7AH PSHUD 6LPXODGD WHQGR VLGR HVWXGDGD D VXD RULJHP H D IRUPD FOxDVVLFD GH D PRGHODU 'HVVH WUDEDOKR WHxR ULFR PXLWR SRXFR VH SRGLD WUDQVSRUWDU SDUD D FULD}F aDR GH DOJRULWPRV QRPHDGDPHQWH SDUD D PDQLSXOD}F aDR GRV SDUADPHWURV TXH RV FRPSaR HP

( IRL GHVWH HVWDGR GH DSUHQGL]DJHP TXH VH LQLFLRX XPD QRYD IDVH HQFRQWUDU XP PRGHOR SRU IRUPD D TXH RV SDUADPHWURV VXUJLVVHP GH XPD IRUPD DXWRPxDWLFD H DGDSWDGRV DV FDUD

FWHUxuVWLFDV LQWUxuQVHFDV GH FDGD FRQFUHWL]D}F aDR GR SUREOHPD 3DUWLXVH DVVLP SDUD D FULD}F aDR GH HVWUDWxH JLDV LQVSLUDGDV HP FRQFHLWRV FRPR IRUPD GH LGHQWLqFDU DV FDUDFWHUxuVWLFDV LQWUxuQVHFDV GH

FDGD FRQFUHWL]D}F aDR 1HVWH WUDEDOKR R FRQFHLWR XVDGR IRL R GH (QWURSLD D PHWDKHXUxuVWLFD xH D 7AH PSHUD 6LPXODGD H WHYH FRPR UHVXOWDGR D 6 LP X OD }F aD R G D 7 AH P SHUD FR Q WUR OD G D SHOD ( Q WUR S LD  RX VLPSOHVPHQWH D 7 AH P SHUD FR Q WUR OD G D SHOD ( Q WUR S LD 

2 WUDEDOKR FRPH}F D FRP D H[SRVL}F aDR GDV SULQFLSDLV LGHLDV GH 2SWLPL]D}F aDR &RPELQDWxR ULD

RQGH R GHVWDTXH UHFDL VREUH R 3UREOHPD GR &DL[HLUR 9LDM DQWH H D 7HRULD GD &RPSOH[LGDGH (P VHJXLGD VaDR DSUHVHQWDGRV RV SULQFLSDLV PxH WRGRV GH UHVROX}F aDR SDUD SUREOHPDV GH 2SWLPL]D}F aDR &RPELQDWxR ULD GD &ODVVH 13 ^ DV PHWDKHXUxuVWLFDV

5HIHUHPVH DV SULQFLSDLV FDUDFWHUxuVWLFDV GRV $OJRULWPRV *HQxH WLFRV EDVHDGRV QDV LGHLDV

GH &KDUOHV 'DUZLQ GH HYROX}F aDR H QD VXD DGDSWD}F aDR D SUREOHPDV FRPELQDWxR ULRV 2 IXQ

FLRQDPHQWR GR FHUxH EUR LQVSLURX R GHVHQYROYLPHQWR GDV 5HGHV 1HXURQDLV FRPR PxH WRGR GH

UHVROX}F aDR GH SUREOHPDV GH 2SWLPL]D}F aDR &RPELQDWxR ULD $ M XQ}F aDR GDV 5HGHV 1HXURQDLV FRP D 7AH PSHUD 6LPXODGD GHX RULJHP D XP QRYR PxH WRGR FRQKHFLGR FRPR 0xDTXLQDV GH %ROW]PDQQ

(P DPEDV DV DERUGDJHQV R XVR GH WxH FQLFDV GH FRPSXWD}F aDR SDUDOHOD xH XPD FDUDFWHUxuVWLFD IXQGDPHQWDO

1DV SxDJLQDV VHJXLQWHV DSUHVHQWDVH D 7AH PSHUD 6LPXODGD ,QVSLUDGD QR SURFHVVR )xuVLFR

GD 7AH PSHUD IRL GHVHQYROYLGD QRV DQRV RLWHQWD SRU .LUNSDWULFN *HODWW H 9HFFKL DWUDYxH V

GD LQWURGX}F aDR GRV FRQFHLWRV GD 7AH PSHUD QD 2SWLPL]D}F aDR &RPELQDWxR ULD D PDLV SURPLVVRUD PHWDKHXUxuVWLFD FRQKHFLGD FRPR 7AH PSHUD 6LPXODGD 5HIHUHPVH GXDV IRUPDV GH PRGHODU

D 7AH PSHUD 6LPXODGD XPD DWUDYxH V GH &DGHLDV GH 0DUNRY H RXWUD ID]HQGR XVR GD WHRULD GH $XWxR PDWRV (VWRFxDVWLFRV H DV FRUUHVSRQGHQWHV HVWUDWxH JLDV SDUD D GHPRQVWUD}F aDR GD FRQ 9,

,Q WUR G X }F aD R YHUJAH QFLD $SUHVHQWDVH DLQGD XPD GHPRQVWUD}F aDR GH TXH VRE FHUWDV FRQGL}F aR HV R FXVWR GDV GLIHUHQWHV VROX}F aR HV FRQYHUJH SDUD R FXVWR GD VROX}F aDR xR SWLPD

2 FRQFHLWR GH (QWURSLD TXH VH DSUHVHQWD QR WHUFHLUR FDSxuWXOR PHUHFH XP OXJDU GH

GHVWDTXH QHVWH WUDEDOKR 6XUJLGD GD 7HUPRGLQADPLFD D (QWURSLD WHP YLQGR D RFXSDU GH XPD IRUPD VLVWHPxDWLFD XP OXJDU GH GHVWDTXH HP GLYHUVDV GRPxuQLRV GR VDEHU 3URFXURXVH

SHUFHEHU FRPR VH UHODFLRQD R FRQFHLWR HQWUH RV GLIHUHQWHV GRPxuQLRV TXDLV DV SURSULHGDGHV PDLV LPSRUWDQWHV H FRPR R DSOLFDU DRV DOJRULWPRV SDUD D UHVROX}F aDR GH SUREOHPDV GH 2SWLPL]D}F aDR

&RPELQDWxR ULD GD FODVVH 13 (VWXGRXVH D IRUPD DSURSULDGD GH DGDSWDU DOJXQV FRQFHLWRV GD 7AH PSHUD GH VxR OLGRV wD 7AH PSHUD 6LPXODGD FRP R REM HFWLYR GH JHUDU DOJRULWPRV DGDSWDGRV D FDGD FRQFUHWL]D}F aDR GH XP SUREOHPD 8P GRV FRQFHLWRV IRL R GH (QWURSLD XVDGR QaDR QR VHQWLGR IxuVLFR GR WHUPR PDV QR FRQWH[WR GD 7HRULD GD ,QIRUPD}F aDR GH &ODXGH 6KDQQRQ (VWH

FRQFHLWR xH D SH}F D IXQGDPHQWDO GHVWH WUDEDOKR H xH FRP HOD TXH VaDR FRQWUXxuGRV RV DOLFHUFHV GD 7 AH P SHUD FR Q WUR OD G D SHOD ( Q WUR S LD 

1R FDSxuWXOR VHJXLQWH DSUHVHQWDVH HVWH QRYR PRGHOR TXH DVVHQWD QD GHVFUL}F aDR GDV WUDQVL}F aR HV x DSUHVHQWDGD D GHPRQVWUD}F aDR GH TXH D GLVWULEXL}F aDR HP GXDV GLVWULEXL}F aR HV GH SUREDELOLGDGHV ( *DXVVLDQD1RUPDO TXH GHVFUHYH R FRPSRUWDPHQWR GR FRQM XQWR GDV WUDQVL}F aR HV DOHDWxR ULDV

PD[LPL]D D (QWURSLD $WUDYxH V GD (QWURSLD PxD[LPD FDGD FRQFUHWL]D}F aDR GR SUREOHPD xH FDUDF x WDPExH P WHUL]DGD H D WHPSHUDWXUD LQLFLDO SULQFLSDO SDUADPHWUR GR DOJRULWPR xH HVWDEHOHFLGD ( DSUHVHQWDGD D GHPRQVWUD}F aDR GH TXH D GLVWULEXL}F aDR ([SRQHQFLDO TXH GHVFUHYH R FRQM XQWR

GH WUDQVL}F aR HV SRVLWLYDV PD[LPL]D D (QWURSLD (VWHV GRLV UHVXOWDGRV IRUQHFHP DV FRQGL}F aR HV QHFHVVxDULDV SDUD FRQVWUXLU DOJRULWPRV FXM R IXQFLRQDPHQWR xH FRQWURODGR SHOD REVHUYD}F aDR GR YDORU GD (QWURSLD

3RU qP FRQVWUxR LVH XP H[HPSOR GH DOJRULWPR EDVHDGR QD 7AH PSHUD FRQWURODGD SHOD (Q

WURSLD SRU XPD UHDOL]D}F aDR VLPSOHV GH XP HVTXHPD GH DUUHIHFLPHQWR 2 DOJRULWPR xH DSOLFDGR

D GRLV SUREOHPDV 2 SULPHLUR FRQVLVWH QD PLQLPL]D}F aDR GD VRPD GRV HOHPHQWRV GH XP YHFWRU

ELQxDULR GH GLPHQVaDR Q  7UDWDVH GH XP SUREOHPD PXLWR VLPSOHV GH IRUPXODU H SDUD TXDO QaDR VH FRQKHFH XP DOJRULWPR SROLQRPLDO 2 VHJXQGR SUREOHPD D VHU WHVWDGR IRL R IDPRVR 3UREOHPD GR &DL[HLUR 9LDMDQWH $ (QWURSLD WHP DTXL XP SDSHO FUXFLDO QR VHQWLGR HP TXH DSRQWD FDPLQKRV PXLWR LQWHUHVVDQWHV SDUD XPD FODVVLqFD}F aDR HP FODVVHV GH FRQFUHWL]D}F aR HV GH XP SUREOHPD 13

$V OLQKDV qQDLV GHVWH WUDEDOKR VaDR GHGLFDGDV wD DSUHVHQWD}F aDR GDTXLOR TXH VH DFKRX VHUHP

DV SULQFLSDLV FRQFOXVaR HV DVVLP FRPR D GHVFUL}F aDR GH XP FRQMXQWR GH RXWURV GHVHQYROYLPHQWRV 9,,

,Q WUR G X }F aD R D VHUHP WUDWDGRV QXP IXWXUR SUxR [LPR

9,,,

& D S xuWX OR 

2 S WLP L] D }F aD R & R P E LQ D WxR U LD ? : K D W V Q HZ "  LV D Q LQ WHUHVWLQ J D Q G EURD G HQ LQ J HWHU Q D O TX HVWLR Q  EX W R Q H Z K LFK  LI S X UVX HG H[FOX VLYHO\  UH

VX OWV R Q O\ LQ D HQ G OHVV SD UD G H R I WULYLD O D Q G ID VK LR Q  WK H VLOW R I WR P R UUR Z  , Z R X OG OLNH LQ VWHD G  WR EH FR Q  FHUQ HG Z LWK WK H TX HVWLR Q ? : K D W LV EHVW"   D TX HVWLR Q Z K R VH D Q VZ HUV WHQ G WR P R YH WK H VLOW G R Z Q VWUHD P 

5REHUW 0 3LUVLJ = HQ D Q G WK H $ UW R I 0 R WR UF\ FOH 0 D LQ WHQ D Q FH 

4XDO xH R PxuQLPR PxD[LPR " $ TXHVWaDR FRORFDVH HP WRGRV RV SUREOHPDV GH RSWLPL]D}F aDR

QRV TXDLV VH SURFXUD ?R PHOKRU GH HQWUH XPD FROHF}F aDR GH ?REM HFWRV PDWHPxDWLFRV $R ORQJR GR WHPSR RV SUREOHPDV WAH P YLQGR D VHU FODVVLqFDGRV VHJXQGR YxDULRV FULWxH ULRV TXH YaDR GHVGH D QDWXUH]D GDV YDULxDYHLV HQYROYLGDV DWxH wD GLqFXOGDGH GD VXD UHVROX}F aDR

&RQVRDQWH R WLSR GH YDULxDYHLV TXH VH XVDP QD PRGHOD}F aDR GR SUREOHPD UHVXOWDP GH LPHGL

DWR GXDV FODVVHV SUREOHPDV FRQWxuQXRV H SUREOHPDV GLVFUHWRV RX FRPELQDWxR ULRV 1RV SUREOHPDV

FRQWxuQXRV SURFXUDVH HP JHUDO FRPR VROX}F aDR XP FRQM XQWR GH QxX PHURV UHDLV RX PHVPR XPD IXQ}F aDR 1RV SUREOHPDV FRPELQDWxR ULRV SURFXUDVH LGHQWLqFDU XP R EMHFWR GH HQWUH XP FRQM XQWR

qQLWR RX LQqQLWR QXPHUxDYHO FRPR SRU H[HPSOR GH LQWHLURV SHUPXWD}F aR HV H JUDIRV $ xDUHD GR VDEHU TXH HVWXGD HVWHV SUREOHPDV GHVLJQDVH SRU 2SWLPL]D}F aDR &RPELQDWxR ULD RX 'LVFUHWD H D IRUPD GH RV UHVROYHU FRQVLVWH HP HQFRQWUDU XPD HVWUDWxH JLD TXH SHUPLWD LGHQWLqFDU XPD VROX}F aDR QXP HVSD}F R TXH xH qQLWR H GLVFUHWR RX LQqQLWR QXPHUxDYHO 2V SUREOHPDV SHUWHQFHQWHV

D HVWD FODVVH VaDR RULJLQxDULRV GRV GLYHUVRV FDPSRV GD FLAH QFLD GHVGH SUREOHPDV GH PDWHPxDWLFD 

& D SxuWX OR  

2 S WLP L]D }F aD R & R P E LQ D WxR ULD

DWxH TXHVWaR HV FRQFUHWDV GD HQJHQKDULD 4XDVH WRGRV WAH P XPD FDUDFWHUxuVWLFD PXLWR SDUWLFXODU

D VXD IRUPXOD}F aDR xH JHUDOPHQWH PXLWR FODUD H VLPSOHV FRQWUDVWDQGR TXDVH VHPSUH FRP R HOH

YDGR JUDX GH GLqFXOGDGH TXH D VXD UHVROX}F aDR FRPSRUWD (VWHV GRLV IDFWRUHV WAH P JHUDGR XP HQRUPH LQWHUHVVH QR VHLR GD FRPXQLGDGH FLHQWxuqFD TXH GHVGH GR VHX DSDUHFLPHQWR QR VxH FXOR ;9,,, HPSUHHQGHX GLYHUVDV WHQWDWLYDV GH RV UHVROYHU GH XPD IRUPD TXDVH REVHVVLYD

&RP R GHVHQYROYLPHQWR GRV PHLRV FRPSXWDFLRQDLV HVWHV SUREOHPDV WAH P FRQKHFLGR XP

PDLRU LQFUHPHQWR VHQGR PHVPR DOJXQV XVDGRV SDUD PRVWUDU RV YHUGDGHLURV OLPLWHV GHVWHV PHLRV

 

3 U R E OH P D V G H 2 S WLP L] D }F aD R & R P E LQ D WxR U LD

$ VROX}F aDR GXP SUREOHPD GH RSWLPL]D}F aDR FRPELQDWxR ULD SDVVD SHOD LGHQWLqFD}F aDR GH XPD VR OX }F aD R xR S WLP D V e QHVWH FDVR XP PxuQLPR SHUWHQFHQWH DR HVSD }F R G H VR OX }F aR HV 6  SDUD TXDOTXHU FR Q FUHWL]D }F aD R GR SUREOHPD LVWR xH  WDO TXH

I V e „ I V L  V L  6 RQGH I  6  ,5 xH D IX Q }F aD R R EMHFWLYR RX IX Q }F aD R FX VWR  )RUPDOPHQWH ' H q Q L}F aD R   X P D FR Q FUHWL]D }F aD R G H X P S UR EOHP D G H R S WLP L]D }F aD R FR P ELQ D WxR ULD xH G Hq Q LG R SHOR SD U 6 I  R Q G H 6 xH R HVSD }F R G H VR OX }F aR HV H I xH D IX Q }F aD R FX VWR  H ' H q Q L}F aD R   X P S UR EOHP D G H R S WLP L]D }F aD R xH R FR Q MX Q WR G H WRG D V D V VX D V FR Q FUHWL]D }F aR HV 'H XP PRGR JHUDO DV HVWUDWxH JLDV GH UHVROX}F aDR GHVWHV SUREOHPDV GLYLGHPVH HP GRLV WLSRV

GLVWLQWRV GH DERUGDJHP RV D OJR ULWP R V H DV K HX UxuVWLFD V 8P DOJRULWPR GHWHUPLQD D VROX}F aDR xR SWLPD XPD KHXUxuVWLFD  RX D FULDWLYLGDGH DVVRFLDGD wD DUWH GH LQYHQWDU SURFXUD VROX}F aR HV WaD R ERD V TXDQWR SRVVxuYHO LVWR xH  QaDR JDUDQWH TXH D VROX}F aDR HQFRQWUDGD VHM D xR SWLPD

4XDQGR xH TXH VH XVD XPD RX RXWUD WxH FQLFD" $ UHVSRVWD HVWxD QD GLqFXOGDGH LQWUxuQVHFD RX QD

FRPSOH[LGDGH LQHUHQWH DRV GLIHUHQWHV SUREOHPDV 3DUD PXLWRV D Xx QLFD HVWUDWxH JLD FRQKHFLGD

xH D HQXPHUD}F aDR FRPSOHWD GH WRGR R FRQM XQWR GH RE MHFWRV FRPELQDWxR ULRV H VH QHVWH FDVR 

' R J UHJ R KHX UxuVNHLQ  T X H D G P LWH FR P R VLQ xR Q LP R V ? D FK D U  ? G HVFR E ULU R X ? HQ FR Q WUD U H HVWxD UHOD FLR Q D G D

FR P D D UWH G H LQ Y HQ WD U R X G HVFR E ULU ' LFFLR Q xD ULR G D / xuQ J X D 3 R UWX J X HVD   {D HG  3 R UWR ( G LWR UD



   3 UR E OHP D V G H 2 S WLP L]D }F aD R & R P E LQ D WxR ULD WHRULFDPHQWH D VROX}F aDR xR SWLPD xH HQFRQWUDGD R WHPSR GH UHVROX}F aDR SRGH VHU LQFRPSRUWxDYHO x GD QHFHVVLGDGH HIHFWLYD GH UHVROYHU SUREOHPDV GHVWD QDWXUH]D DOLDGD DR IDFWR GD QaDR H[LV (

WAH QFLD GH XP DOJRULWPR SROLQRPLDO TXH LGHQWLqTXH XPD VROX}F aDR HP WHPSR Xx WLO TXH VXUJHP DV WxH FQLFDV KHXUxuVWLFDV

2V PxH WRGRV KHXUxuVWLFRV QHFHVVLWDP GD GHqQL}F aDR GH XP PHFDQLVPR TXH SHUPLWD ?YLDM DU

SHOR HVSD}F R GH VROX}F aR HV GHVLJQDGR SRU P HFD Q LVP R G H WUD Q VL}F aD R  (VWH PHFDQLVPR xH GHqQLGR JHQHULFDPHQWH SHOD DSOLFD}F aDR   6  VM

6 WDO TXH GDGD XPD VROX}F aDR V L  XPD QRYD VROX}F aDR

 V L xH JHUDGD $ IRUPD FRPR XPD QRYD VROX}F aDR xH JHUDGD GHSHQGH GD QDWXUH]D GR

SUREOHPD H H[LVWHP YxDULDV DOWHUQDWLYDV SDUD HVWD JHUD}F aDR (VWDV VROX}F aR HV TXH VH GHVLJQDP SRU YL]LQ K D V ID]HP SDUWH GR FRQM XQWR 9 V L  GHVLJQDGR SRU YL]LQ K D Q }F D GD VROX}F aDR V L IRUPDGR SRU WRGDV DV VROX}F aR HV TXH VH REWAH P SRU XPD Xx QLFD DSOLFD}F aDR GR PHFDQLVPR GH WUDQVL}F aDR

$ FODVVLqFD}F aDR GDV VROX}F aR HV xR SWLPDV HVWxD LQWLPDPHQWH DVVRFLDGD DR FRQM XQWR GH RQGH

SURYAH P LVWR xH  VH IRUDP LGHQWLqFDGDV QR FRQM XQWR GH WRGDV DV VROX}F aR HV 6  HQWaDR WUDWDVH

GH XP xR S WLP R JOR ED O 6H R HVSD}F R SHVTXLVDGR IRL DSHQDV XP VXEFRQMXQWR SUxR SULR GH 6  SRU H[HPSOR XP FRQM XQWR GH VROX}F aR HV YL]LQKDV GH XPD GDGD VROX}F aDR HQWaDR D VROX}F aDR REWLGD xH XP xR S WLP R ORFD O 3DUD LOXVWUDU WRPHVH R 3UREOHPD GR &DL[HLUR 9LDM DQWH  >%$5@ 

(VWH xH R IDPRVR SUREOHPD PRGHODGR SRU FRQFHLWRV GD 7HRULD GRV *UDIRV FXM D SURFXUD GD VROX}F aDR WHP GHVSHUWDGR XPD HQRUPH FXULRVLGDGH H LQWHUHVVH M XQWR GD FRPXQLGDGH FLHQWxuqFD 8PD FRQFUHWL]D}F aDR GHVWH SUREOHPD xH GHqQLGD SRU XP QxX PHUR Q GH FLGDGHV DR TXDO HVWxD DVVRFLDGR XPD PDWUL] GLVWADQFLD >G LM @ GH GL

PHQVaDR Q d Q  WDO TXH G LM  ==   &KDPDVH FLUFX LWR DR FDPLQKR TXH YLVLWD WRGDV DV FLGDGHV H[DFWDPHQWH XPD YH] H UHWRUQD wD FLGDGH GH SDUWLGD 3UHWHQGHVH LGHQ

WLqFDU R FLUFXLWR GH FRPSULPHQWR WRWDO PxuQLPR QXP HVSD}F R GH VROX}F aR HV 6 GHqQLGR SRU WRGDV DV SHUPXWD}F aR HV FLUFXODUHV ~ GH Q FLGDGHV 8PD SHUPXWD}F aDR FLUFXODU ~

UHSUHVHQWD XP FLUFXLWR WRPDQGR ~ M FRPR D SULPHLUD FLGDGH YLVLWDGD GHSRLV GH M

$ IXQ}F aDR FXVWR xH GHqQLGD SRU I ~

3Q

M 

G M~ M  H R PHFDQLVPR GH WUDQVL}F aDR PDLV

FRQKHFLGR SDUD HVWH SUREOHPD xH GHVLJQDGR SRU WURFD P Xx OWLS OD  (VWH PHFDQLVPR IRL DSUHVHQWDGR SHOD SULPHLUD YH] SRU /LQ >/LQ@ H FRQVLVWH QD WURFD GH GRLV



& R Q VFLHQ WH G H T X H D S UR q VVaD R G H FD L[ HLUR Y LD MD Q WH xH D FWX D OP HQ WH H[ HFX WD G D S R U K R P HQ V H P X OK HUHV Q aD R

VH HQ FR Q WUR X X P WHUP R T X H WLY HVVH HP FR Q WD HVWD UHD OLG D G H 1 R HQ WD Q WR  H S R U VX J HVWaD R G D 3 UR I + HOHQ D 5 D P D OK LQ K R  R WHUP R ? D J HQ WH FR P HUFLD O S D UHFH VHU X P D E R D VR OX }F aD R S D UD HVWD T X HVWaD R 



& D SxuWX OR  

2 S WLP L]D }F aD R & R P E LQ D WxR ULD

FRQMXQWRV GH N DUFRV VHOHFLRQDGRV DOHDWRULDPHQWH 0DLV DGLDQWH HVWH SUREOHPD VHUxD DERUGDGR GH XPD IRUPD PDLV GHWDOKDGD (VWH H WR

GRV RV RXWURV SUREOHPDV SRGHP VHU FODVVLqFDGRV VHJXQGR XPD WHRULD TXH WHP YLQGR D VHU GHVHQYROYLGD GHVGH RV DQRV VHWHQWD

 

7 H R U LD G D & R P S OH [ LG D G H

$ 7HRULD GD &RPSOH[LGDGH GH 3UREOHPDV >*- 36 $5@ WHP SRU RE MHFWLYR R HVWDEHOH FLPHQWR GH XPD FODVVLqFD}F aDR GRV SUREOHPDV VHJXQGR D ?GLqFXOGDGH GD VXD UHVROX}F aDR

$ PHGLGD GR WHPSR GH UHVROX}F aDR GH XP SUREOHPD xH GHqQLGD GH DFRUGR FRP D JUDQGH]D

GD FRQFUHWL]D}F aDR $ FRPSOH[LGDGH xH PHGLGD HP WHUPRV GH UHFXUVRV JDVWRV QD UHVROX}F aDR GR SUREOHPD H RQGH R UHFXUVR PDLV LPSRUWDQWH xH R WHPSR

'L]VH TXH XP DOJRULWPR WHP XP JDVWR GH WHPSR SROLQRPLDO VH R WHPSR TXH GHPRUD DWxH

REWHU D VROX}F aDR SUHWHQGLGD xH GD RUGHP 2 Q N  LVWR xH  VH H[LVWH XP N WDO TXH I Q RQGH I Q „ N MJ Q M H Q xH D JUDQGH]D GD FRQFUHWL]D}F aDR 6H N

2 J Q 

 GL]VH OLQHDU H VH N



GL]VH TXDGUxDWLFR 6H D RUGHP IRU 2 N K Q  RQGH N xH FRQVWDQWH H K Q xH SROLQRPLDO HQWaDR

R WHPSR JDVWR QD H[HFX}F aDR GR SUREOHPD xH H[SRQHQFLDO 2V SUREOHPDV TXH VH UHVROYHP HP WHPSR SROLQRPLDO VaDR FKDPDGRV WUD WxD YHLV H SHUWHQFHP wD FODVVH 3 3UREOHPDV SDUD RV TXDLV QaDR VaDR FRQKHFLGRV DOJRULWPRV SROLQRPLDLV VaDR FKDPDGRV LQ WUD WxD YHLV RX G LIxuFHLV

(P  $ODQ 7XULQJ SURYRX TXH H[LVWHP SUREOHPDV FRP XP JUDX GH GLqFXOGDGH WaDR

HOHYDGR TXH VaDR LQ G HFLGxuYHLV QR VHQWLGR HP TXH QaDR xH SRVVxuYHO HVFUHYHU XP DOJRULWPR TXH RV

UHVROYD $ HVWUDWxH JLD SDUD SURYDU TXH RXWURV SUREOHPDV VaDR LQGHFLGxuYHLV FRQVLVWH HP PRVWUDU TXH VH R SUREOHPD SRGH VHU UHVROYLGR HQWaDR R FRUUHVSRQGHQWH SUREOHPD GH SDUDJHP SRGH WDPExH P VHU UHVROYLGR

$ 7HRULD GD &RPSOH[LGDGH FODVVLqFD XP SUREOHPD GH DFRUGR FRP R WHPSR JDVWR SDUD UH

VROYHU XPD FRQFUHWL]D}F aDR JHQxH ULFD XVDQGR PRGHORV GH FRPSXWD}F aDR GRV TXDLV R PDLV FRQKHFLGR

xH D 0xDTXLQD GH 7XULQJ 2V SUREOHPDV TXH SRGHP VHU UHVROYLGRV HP WHPSR SROLQRPLDO QXPD PxDTXLQD GH 7XULQJ QaDRGHWHUPLQLVWD SHUWHQFHP wD FODVVH GH SUREOHPDV Q aD R G HWHUP LQ LVWD V HP WHP SR SR OLQ R P LD O YXOJR FOD VVH1 3 

$ UHVROX}F aDR GH DOJXQV SUREOHPDV GD FODVVH 13 UHTXHU WHPSR H[SRQHQFLDO FRPR SRU

H[HPSOR R 3UREOHPD GD 0RFKLOD



   7 HR ULD G D & R P S OH[ LG D G H 3UHWHQGHVH GDGR XP FRQM XQWR GH Q LQWHLURV $

I D  D Q J H XP LQWHLUR N 

YHULqFDU VH H[LVWH XP VXEFRQM XQWR GH $ WDO TXH D VRPD GRV VHXV HOHPHQWRV VHM D N  3DUD FDGD VXEFRQM XQWR q[DGR xH IxDFLO YHULqFDU VH D VRPD GRV VHXV HOHPHQWRV xH N  QR HQWDQWR HQFRQWUDU R VXEFRQMXQWR QHVWDV FRQGL}F aR HV xH PXLWR GLIxuFLO XPD YH] TXH H[LVWHP  Q VXEFRQMXQWRV SRVVxuYHLV H D FRPSOH[LGDGH DOJRUxuWPLFD xH 2  Q 

3DUD HVWH SUREOHPD QaDR VH HQFRQWURX XP DOJRULWPR SROLQRPLDO VHQGR QR HQWDQWR SRVVxuYHO

YHULqFDU R FXVWR GH TXDOTXHU VROX}F aDR $ FODVVH 13 FRQWxH P D FODVVH 3 XPD YH] TXH TXDOTXHU SUREOHPD SROLQRPLDO TXH VH SRGH UHVROYHU SRU XP DOJRULWPR GHWHUPLQLVWD xH WDPExH P UHVROYLGR SRU XP PxH WRGR QaDRGHWHUPLQLVWD 6H WRGRV RV SUREOHPDV GD FODVVH 13 SXGHUHP VHU UHVROYL

GRV HP WHPSR SROLQRPLDO HQWaDR 3 13 0XLWRV SUREOHPDV GD FODVVH 13 SDUHFHP VHU PDLV ?GLIxuFLHV GR TXH SUREOHPDV GD FODVVH 3 QR HQWDQWR DLQGD QaDR IRL SURYDGR TXH 3 13 ([LVWH

XPD VXEFODVVH GRV SUREOHPDV 13 TXH UHxX QH SUREOHPDV LPSRUWDQWHV SHOD VXD YDVWD DSOLFD}F aDR

^ D FODVVH GRV SUREOHPDV 1 3 FR P S OHWR V 6aDR SUREOHPDV SDUD RV TXDLV DLQGD QaDR VH HQFRQWURX

XP DOJRULWPR SROLQRPLDO PDV TXH VH DOJXPD YH] VH HQFRQWUDU XP SDUD XP TXDOTXHU SUREOHPD GHVWD FODVVH HQWaDR H[LVWH XP DOJRULWPR SROLQRPLDO SDUD WRGRV RV SUREOHPDV SHUWHQFHQWHV D HVWD FODVVH >$OP@  $FHLWDQGR FRPR YHUGDGHLUD D FRQM HFWXUD GH TXH 3  1 3  HQWaDR DV GLIHUHQWHV FODVVHV GH SUREOHPDV HVWaDR GLVSRVWDV GH DFRUGR FRP D qJXUD   $ UHVROX}F aDR GH



 

3UREOHPDV 1 3 b &RPSOHWRV  

&ODVVH 1 3  I

&ODVVH 3







)LJXUD   &ODVVHV GH 3UREOHPDV SUREOHPDV GDV FODVVHV 13 xH XP GRV PDLRUHV GHVDqRV GDV &LAH QFLDV GD &RPSXWD}F aDR (P SDU

WLFXODU D UHVROX}F aDR GR 3UREOHPD GR &DL[HLUR 9LDM DQWH OHJxuWLPR UHSUHVHQWDQWH GD FODVVH GRV SUREOHPDV 13^FRPSOHWRV WRUQRXVH XP YHUGDGHLUR WHVWH DR GHVHQYROYLPHQWR GHVWDV &LAH QFLDV 

& D SxuWX OR  

2 S WLP L]D }F aD R & R P E LQ D WxR ULD

QRV Xx OWLPRV DQRV

 

2 3 U R E OH P D G R & D L[ H LU R 9 LD MD Q WH

8P GRV SUREOHPDV GH PDWHPxDWLFD FXMD VROX}F aDR WHP UHVLVWLGR wD SDVVDJHP GR WHPSR xH R 3UREOHPD GR &DL[HLUR 9LDM DQWH >%$5@  $ VXD GHVFUL}F aDR xH PXLWR VLPSOHV

(x G D G D X P D OLVWD G H FLG D G HV 8 P YHQ G HG R U SD UWLQ G R G H X P D FLG D G H LQ LFLD O S UHWHQ G H YLVLWxD OD V WRG D V X P D Xx Q LFD YH] H UHJUHVVD U wD FLG D G H G H SD UWLG D SR U IR UP D D TX H D G LVWAD Q FLD SHUFR UULG D VHMD P xuQ LP D 

$ H[SUHVVaDR ? 3 UR EOHP D G R & D L[HLUR 9 LD MD Q WH VXUJLX SHOD SULPHLUD YH] QR OLYUR 7 K H 7 UD YHOLQ J

6 D OHVP D Q  K R Z K H VK R X OG EH D Q G Z K D W K H VK R X OG G R WR JHW & R P P LVVLR Q V D Q G WR EH 6 X FFHVVIX O LQ K LV % X VLQ HVV % \ D YHWHUD Q 7 UD YHOLQ J 6 D OHVP D Q  SXEOLFDGR QD $OHPDQKD HP  (VWD

REUD DSUHVHQWD D HVVAH QFLD GR SUREOHPD QR VHX Xx OWLPR FDSxuWXOR RQGH VH DqUPD ? 7 K H P R VW LP SR UWD Q W D VSHFW LV WR FR YHU D V P D Q \ ORFD WLR Q V D V SR VVLEOH Z LWK R X W YLVLWLQ J D ORFD WLR Q WZ LFH

>@   1aDR VH VDEH DR FHUWR TXDQGR HVWH WHUPR HQWURX QRV FxuUFXORV PDWHPxDWLFRV PDV DSRQWD

VH FRPR GDWD SURYxDYHO D GH  SHOD PaDR GH 0HUULO )ORRG 3RVWHULRUPHQWH R WUDEDOKR GH 'DQW]LJ )XONHUVRQ H -RKQVRQ HP  >')-@  FXM D IRUPXOD}F aDR VH EDVHDYD HP WxH FQLFDV

GH 3URJUDPD}F aDR /LQHDU ,QWHLUD WURX[H GHqQLWLYDPHQWH R 3UREOHPD GR &DL[HLUR 9LDM DQWH

SDUD DV SxDJLQDV GDV UHYLVWDV FLHQWxuqFDV WUDQVIRUPDQGRR QXP PDUFR KLVWxR ULFR GD ,QYHVWLJD}F aDR 2SHUDFLRQDO

2 LQWHUHVVH GD FRPXQLGDGH FLHQWxuqFD SHOR 3UREOHPD GR &DL[HLUR 9LDM DQWH WHP GXDV UD]aR HV

SULQFLSDLV $ SULPHLUD SUHQGHVH FRP R IDFWR GH HVWH VHU XP UHSUHVHQWDQWH GH XPD FODVVH PXLWR YDVWD GH RXWURV SUREOHPDV GH 2SWLPL]D}F aDR &RPELQDWxR ULD $ VHJXQGD UHVLGH QD VLP SOLFLGDGH GH IRUPXOD}F aDR H QD GLqFXOGDGH GH UHVROX}F aDR

2 3UREOHPD GR &DL[HLUR 9LDM DQWH SRGH VHU UHSUHVHQWDGR SRU XP JUDIR *  RQGH RV YxH UWLFHV

VaDR DV Q FLGDGHV D YLVLWDU H XPD PDWUL] '

>G LM @ GH GLVWADQFLDV FXVWRV HQWUH FDGD SDU GH

FLGDGHV LM  )RUPDOPHQWH SUHWHQGHVH GHWHUPLQDU ;Q

PLQ I ~ ~ 6

L 

G L~ L

RQGH 6 xH R FRQMXQWR GH WRGDV DV SHUPXWD}F aR HV FLUFXODUHV 2 3UREOHPD GR &DL[HLUR 9LDM DQWH

xH FKDPDGR VLP xH WULFR VH D PDWUL] GLVWADQFLD IRU VLPxH WULFD 2 FRQM XQWR GH VROX}F aR HV xH IRUPDGR 

   2 3 UR E OHP D G R & D L[ HLUR 9 LD MD Q WH SRU WRGDV DV SHUPXWD}F aR HV FLUFXODUHV GDV Q FLGDGHV H XP FLUFXLWR xH UHSUHVHQWDGR SRU XPD SHUPXWD}F aDR ~ GH FRPSULPHQWR Q  LVWR xH  ~

xH ~ L 

~  ~ Q  HP TXH D FLGDGH VHJXLQWH D L

1D 7HRULD GRV *UDIRV >&DU@ HQFRQWUDPVH DV IHUUDPHQWDV QHFHVVxDULDV SDUD D PRGHOD}F aDR

GHVWH SUREOHPD $ VROX}F aDR FRQVLVWH HP HQFRQWUDU XP FLUFXLWR +DPLOWRQLDQR LVWR xH  XP FLUFXLWR TXH YLVLWD WRGDV DV FLGDGHV H[DFWDPHQWH XPD VxR YH] FRP FXVWR PxuQLPR &RPR QaDR H[LVWH XPD IRUPD HqFLHQWH SDUD GHWHUPLQDU D H[LVWAH QFLD GH FLUFXLWRV GH +DPLOWRQ HVWH SUREOHPD IRL FODVVLqFDGR FRPR VHQGR 13FRPSOHWR >*-@ 

2 SUREOHPD WHP XPD RX YxDULDV VROX}F aR HV xR SWLPDV FRP H[LVWAH QFLD JDUDQWLGD SHOR IDFWR

GR FRQM XQWR GH VROX}F aR HV VHU qQLWR

1R HQWDQWR R FDUGLQDO GHVWH FRQM XQWR R QxX PHUR GH

SHUPXWD}F aR HV xH GD RUGHP GH Q  $GPLWLQGR TXH VH SRGH FDOFXODU R FXVWR GH FDGD SHUPXWD}F aDR

QXP PLFURVHJXQGR D VROX}F aDR SDUD XPD FRQFUHWL]D}F aDR FRP  FLGDGHV VHULD HQFRQWUDGD HP

VHJXQGRV /HYDULD PHVHV SDUD  FLGDGHV H VxH FXORV SDUD  FLGDGHV XVDQGR REYLDPHQWH D SHVTXLVD H[DXVWLYD

&RPR UHVROYHU R 3UREOHPD GR &DL[HLUR 9LDM DQWH"

$OJXPDV FRQFUHWL]D}F aR HV FRP XP SHTXHQR QxX PHUR GH FLGDGHV SRGHP VHU UHVROYLGDV

DWUDYxH V GH DOJRULWPRV FRPR % UD Q FK D Q G % R X Q G H WxH FQLFDV GHOH GHULYDGDV FRPR R DOJRULWPR GH

/LWOH >&DU@  1R HQWDQWR SDUD FRQFUHWL]D}F aR HV GH JUDQGHV GLPHQVaR HV UHFRUUHVH D HVWUDWxH JLDV KHXUxuVWLFDV

8PD GDV HVWUDWxH JLDV FRQVLVWH QD XWLOL]D}F aDR GH DOJRULWPRV GH SHVTXLVD ORFDO SHUWHQFHQWHV

wD FODVVH GH DOJRULWPRV GH DSUR[LPD}F aDR H FXM R IXQFLRQDPHQWR xH EDVHDGR QDV WUDQVL}F aR HV HQWUH

VROX}F aR HV YL]LQKDV 2 PHFDQLVPR GH WUDQVL}F aDR PDLV XVDGR SURSRVWR SRU /LQ >/.@ H FRQKHFLGR SRU WURFD G X S OD  FRQVLVWH QD JHUD}F aDR GH QRYDV VROX}F aR HV SRU WURFD GH GRLV DUFRV GD VHJXLQWH

IRUPD VaDR UHWLUDGRV GRLV DUFRV S ~ S H T ~ T H D QRYD VROX}F aDR xH HQFRQWUDGD IRUPDQGR GRLV QRYRV DUFRV QR JUDIR S ~ T H T ~ S  FRPR VH LOXVWUD QD qJXUD  $ YL]LQKDQ}F D GH V  9 V WU R FD G X S OD xH IRUPDGD SRU WRGRV RV FLUFXLWRV JHUDGRV SHOD DSOLFD}F aDR GR PHFDQLVPR GH

WUDQVL}F aDR ?WURFD GXSOD  $ GLPHQVaDR GD YL]LQKDQ}F D Q   xH GDGD SHOR QxX PHUR GH SRVVLELOLGDGHV

GH HVFROKHU S H T  ([FOXLQGR GD YL]LQKDQ}F D RV FLUFXLWRV HTXLYDOHQWHV DR FLUFXLWR FRUUHQWH D GLPHQVaDR xH Q Q b   ( VH R SUREOHPD IRU VLPxH WULFR D GLPHQVaDR GD YL]LQKDQ}F D xH UHGX]LGD SDUD Q Q b  

2 DOJRULWPR LQLFLD D SHVTXLVD FRP XPD VROX}F aDR LQLFLDO JHUDOPHQWH HVFROKLGD DR DFDVR

H SHVTXLVD FRQWLQXDPHQWH QD YL]LQKDQ}F D GD VROX}F aDR FRUUHQWH XPD VROX}F aDR GH PDLV EDL[R FXVWR

$ JUDQGH GLqFXOGDGH GHVWH WLSR GH DERUGDJHP FRQVLVWH QR IDFWR GH TXH R DOJRULWPR WHQGH D 

& D SxuWX OR   8 8 8 8 8 8 8  8 8T    T     T S ~ T T TT \ 6 \ \ 6 \  66   

2 S WLP L]D }F aD R & R P E LQ D WxR ULD

8 8 8 8 8 8 8  8 8T        EE S ~ T E \ -- - E 6 \ E 6 \ \ E  66 E  

~ S

~ S

)LJXUD  ([HPSOR GR PHFDQLVPR GH WUDQVL}F aDR WURFD G X S OD SDUDU QXP GRV PXLWRV PxuQLPRV ORFDLV TXH DV IXQ}F aR HV RE MHFWLYR SRVVXHP 3DUD HYLWDU HVWD VLWXD}F aDR WAH P VLGR GHVHQYROYLGDV PXLWDV WxH FQLFDV GH DSUR[LPD}F aDR GDV TXDLV VH GHVWDFD XPD FODVVH SDUWLFXODUPHQWH LQWHUHVVDQWH FXM D LQVSLUD}F aDR DGYxH P GD REVHUYD}F aDR GD QDWXUH]D (VWD FODVVH GH PHWDKHXUxuVWLFDV LQFOXL HQWUH RXWURV RV $OJRULWPRV *HQxH WLFRV 5HGHV 1HXURQDLV H D 7AH PSHUD 6LPXODGD H WRGDV FRQVHJXHP HQFRQWUDU VROX}F aR HV GH ERD TXDOLGDGH HP WHPSR Xx WLO

0XLWRV SUREOHPDV SRGHP VHU IRUPXODGRV FRPR XP 3UREOHPD GR &DL[HLUR 9LDM DQWH $V

UHGHV GH FRPSXWDGRUHV R VHTXHQFLDPHQWR GH WDUHIDV H D FULVWDORJUDqD VaDR DOJXQV H[HPSORV >36@ 

 

0 H WD K H X UxuVWLF D V

$ OWK R X JK WK LV P D \ VHHP D SD UD G R [ D OO H[D FW VFLHQ FH LV G R P LQ D WHG E\ WK H LG HD R I D S S UR [LP D WLR Q 

%HUWUDQG 5XVVHO

8PD KHXUxuVWLFD WHUPR DVVRFLDGR wD DUWH GH LQYHQWDU xH XP SURFHVVR FULDWLYR XVDGR QD

UHVROX}F aDR GH SUREOHPDV SDUD RV TXDLV QaDR H[LVWH DOJRULWPR (VWDV HVWUDWxH JLDV FRQGX]HP HP JHUDO D VROX}F aR HV GH ERD TX D OLG D G H (VWD H[SUHVVaDR ID] WRGR R VHQWLGR XPD YH] TXH QHVWHV PxH WRGRV QaDR H[LVWH JDUDQWLD GH TXH D VROX}F aDR HQFRQWUDGD VHM D xR SWLPD (VWDV HVWUDWxH JLDV SRGHP VHU FODVVLqFDGDV HP GXDV JUDQGHV FODVVHV DV KHXUxuVWLFDV HVSHFxuqFDV H DV JHUDLV

$V KHXUxuVWLFDV HVSHFxuqFDV XVDP WRGD D LQIRUPD}F aDR TXH R SUREOHPD OKHV IRUQHFH HVWDQGR

SRU LVVR PHVPR FRQGLFLRQDGDV D XP SHTXHQR ORWH GH SUREOHPDV 3DUD FDGD QRYR SUREOHPD WHP TXH VHU HODERUDGD XPD QRYD KHXUxuVWLFD 1R HQWDQWR R VHX GHVHPSHQKR xH VXSHULRU wDV KHXUxuVWLFDV GH ODUJR HVSHFWUR XPD YH] TXH HVWDV QaDR WAH P HP FRQWD DV FDUDFWHUxuVWLFDV HVSHFxuqFDV GH FDGD SUREOHPD 8P GRV H[HPSORV PDLV FRQKHFLGRV GHVWH WLSR GH KHXUxuVWLFDV HVSHFxuqFDV 

   0 HWD K HX UxuVWLFD V XVDGD QR 3UREOHPD GR &DL[HLUR 9LDMDQWH IRL SURSRVWR SRU /LQ H .HUQLJKDQ >/.@ H xH D KHXUxuVWLFD ?N ^RSW  H[HFXWDQGR UHSHWLGDPHQWH PHOKRUDPHQWRV QD VROX}F aDR FRUUHQWH DWxH TXH D x XPD VRqVWLFD}F aDR GD SHVTXLVD ORFDO LVWR xH  TXDQGR VROX}F aDR qQDO HVWHM D SUxR [LPD GR xR SWLPR ( QaDR IRU HQFRQWUDGD PHOKRU VROX}F aDR QD VXD YL]LQKDQ}F D R DOJRULWPR SxDUD 2 PHFDQLVPR XVDGR QD SHVTXLVD xH D WURFD PxX OWLSOD )RL SURYDGR SRU 'DYLG -RQKVRQ 'DQW]LJ H )XONHUVRQ >')-@

TXH R PHOKRU PHFDQLVPR GH WUDQVL}F aDR SDUD R 3UREOHPD GR &DL[HLUR 9LDM DQWH FRQVLVWH QD WURFD GH GRLV DUFRV DSHQDV LVWR xH  D FKDPDGD WURFD GXSOD 

$V KHXUxuVWLFDV JHUDLV SRGHP VHU XVDGDV HP WRGRV RV SUREOHPDV LQGHSHQGHQWHPHQWH GD

VXD QDWXUH]D &RQWXGR R VHX GHVHPSHQKR QD PDLRULD GDV VLWXD}F aR HV xH PXLWR IUDFR 8PD GDV SULPHLUDV H TXH VH WHP GHVWDFDGR SHOD VXD VLPSOLFLGDGH GH LPSOHPHQWD}F aDR xH D SHVTXLVD ORFDO 2 VHX SULQFLSDO SUREOHPD UHVLGH QD IRUWH GHSHQGAH QFLD GD VROX}F aDR LQLFLDO H GD HVWUXWXUD GH YL]LQKDQ}F D 2 VHX IXQFLRQDPHQWR FRQVLVWH QXPD SHVTXLVD FRQWxuQXD QD YL]LQKDQ}F D GH XPD GDGD VROX}F aDR DWxH HQFRQWUDU XPD VROX}F aDR FRP FXVWR PHQRU 2XWURV PxH WRGRV WAH P D UDxu] FRPXP FRPR xH R FDVR GR ?P X OWLVWD UW  HP TXH D SHVTXLVD ORFDO xH UHDOL]DGD FRP YxDULDV VROX}F aR HV LQLFLDLV

$V PHWDKHXUxuVWLFDV >,. ,EU@ FRQM XJDP GRLV LQJUHGLHQWHV IXQGDPHQWDLV D ERD UHVSRVWD

GDV KHXUxuVWLFDV D SUREOHPDV GH GLIxuFLO UHVROX}F aDR H D LQVSLUD}F aDR QRXWURV PxH WRGRV FRP RE MHFWLYRV VHPHOKDQWHV HPERUD HP FRQWH[WRV PXLWR GLIHUHQWHV 6aDR H[HPSORV RV $OJRULWPRV *HQxH WLFRV EDVHDGRV QR FRQFHLWR GH VHOHF}F aDR QDWXUDO H QD JHQxH WLFD D 3HVTXLVD 7DEX >*OR *OR ):@  EDVHDGD QR IXQFLRQDPHQWR GD PHPxR ULD RX GD IRUPD FRPR VH DVVLPLOD R FRQKHFLPHQWR

6LVWHPDV )RUPLJXHLURV >&'0  @  EDVHDGRV QD RUJDQL]D}F aDR GH XP IRUPLJXHLUR DV 5HGHV

1HXURQDLV EDVHDGDV QR IXQFLRQDPHQWR GR FxH UHEUR H SRU Xx OWLPR R 0xH WRGR GH 6LPXOD}F aDR GD 7AH PSHUD EDVHDGR QD WAH PSHUD H QD IRUPD}F aDR GH FULVWDLV IHQxR PHQRV EHP HVWXGDGRV QD )xuVLFD GD 0DWxH ULD &RQGHQVDGD

  

$ OJ R ULWP R V * H Q xH WLF R V

2V $OJRULWPRV *HQxH WLFRV VaDR PHWDKHXUxuVWLFDV EDVHDGDV QRV SURFHVVRV GH VHOHF}F aDR QDWXUDO H QD *HQxH WLFD 5HVXOWDP GH WxH FQLFDV GH VLPXOD}F aDR GH SURFHVVRV GH VLVWHPDV QDWXUDLV QHFHVVxDULRV wD HYROX}F aDR VHJXQGR DV LGHLDV GH &KDUOHV 'DUZLQ GH VREUHYLYAH QFLD H DGDSWD}F aDR

)RUDP SURSRVWRV QRV DQRV VHVVHQWD H VHWHQWD SRU +ROODQG >+RO@ FRP R RE M HFWLYR GH

FRQVWUXLU XP PRGHOR ULJRVRUR EDVHDGR QR SURFHVVR GH VHOHF}F aDR QDWXUDO GDV HVSxH FLHV H QD VXD HYROX}F aDR 1D QDWXUH]D FDGD HVSxH FLH SUHFLVD GH VH DGDSWDU D XP DPELHQWH FRPSOH[R H VHPSUH

HP PXWD}F aDR SRU IRUPD D PD[LPL]DU D VXD FDSDFLGDGH GH VREUHYLYAH QFLD 2 FRQKHFLPHQWR 

& D SxuWX OR  

2 S WLP L]D }F aD R & R P E LQ D WxR ULD

GHVWDV HVSxH FLHV xH WUDQVPLWLGR GH JHUD}F aDR HP JHUD}F aDR DWUDYxH V GH LQIRUPD}F aDR TXH xH UHJLVWDGD QRV FURPRVVRPDV

2 PRGHOR GH +ROODQG VLPXOD R DOJRULWPR JHQxH WLFR GD VHJXLQWH IRUPD R SULPHLUR SDVVR xH D

UHSUHVHQWD}F aDR GDV VROX}F aR HV DGPLVVxuYHLV HP WHUPRV GH XPD FDGHLD GH FDUDFWHUHV FURPRVVRPDV

FRQVWLWXxuGR SRU XP DOIDEHWR FXMRV HOHPHQWRV TXH R FRPSaR HP VaDR HP *HQxH WLFD FKDPDGRV JHQ HV (P FDGD JHUD}F aDR R DM XVWDPHQWR GH FDGD FURPRVVRPD wD SRSXOD}F aDR xH PHGLGR RV QRYRV

FURPRVVRPDV VaDR REWLGRV SRU UHS URG X }F aD R P X WD }F aD R RX FUX ]D P HQ WR  WUDQVSRUWDQGR GHVWD IRUPD D FDUJD JHQ xH WLFD GDV VROX}F aR HV TXH OKH GHUDP RULJHP 2V FURPRVVRPDV VaDR YXOJDUPHQWH UHSUHVHQWDGRV SRU XP DOIDEHWR ELQxDULR I J  GHVWD IRUPD   





   

GaDR RULJHP SRU XP SURFHVVR GH UHSURGX}F aDR D GXDV QRYDV VROX}F aR HV $V VROX}F aR HV RULJLQDLV VaDR GLYLGLGDV DWUDYxH V GD HVFROKD GH XP SRQWR GH FUX]DPHQWR TXH VHSDUD R FURPRVVRPD HP GRLV

H DV GXDV QRYDV VROX}F aR HV VaDR REWLGDV SHOD FRODJHP GD SULPHLUD SDUWH GR FURPRVVRPD FRP D Xx OWLPD GR RXWUR FURPRVVRPD 2XWUD IRUPD GH REWHU XPD QRYD VROX}F aDR xH SRU PXWD}F aDR TXH VH SURFHVVD SHOD VXEVWLWXL}F aDR GH XP JHQ H

   O

   $ DYDOLD}F aDR GH XPD VROX}F aDR xH IHLWD FRP EDVH QR DPELHQWH RQGH VH LQVHUH H xH UHSUHVHQWDGD

DWUDYxH V GH XPD IXQ}F aDR RE MHFWLYR 3UHWHQGHVH HQFRQWUDU R PHOKRU FURPRVVRPD DTXHOH FXM D DGHTXD}F aDR DR PHLR VHMD D PHOKRU

'D H[WHQVD OLVWD GH ELEOLRJUDqD VREUH HVWH DVVXQWR GHVWDFDPVH RV WUDEDOKRV GH +ROODQG

>+RO@ H 'DYLG *ROGEHUJ >*RO *07@ 

1R WUDEDOKR GH (PLOH $DUWV >($9+@ xH IHLWD XPD JHQHUDOL]D}F aDR H XPD XQLqFD}F aDR WHxR ULFD

GRV $OJRULWPRV *HQxH WLFRV FRP D 7AH PSHUD 6LPXODGD SRU IRUPD D FULDU XP PxH WRGR DEVWUDFWR GH WDO IRUPD TXH TXDOTXHU XPD GDV PHWDKHXUxuVWLFDV SDVVD D VHU XP FDVR SDUWLFXODU

1R HQWDQWR XP JHQ H QaDR xH XP RE MHFWR xH XP ?SDFRWH GH LQIRUPD}F aDR  H xH SDUWLQGR GHVWD

LGHLD TXH +LOORL >.DU@ UHYAH D WUDQVPLVVaDR JHQxH WLFD wD OX] GD 7HRULD GH ,QIRUPD}F aDR 6HULD GHVWH PRGR LQHYLWxDYHO TXH R FRQFHLWR GH (QWURSLD IRVVH FKDPDGR D HVWD GLVFXVVaDR 

   0 HWD K HX UxuVWLFD V $ LGHLD GH FRQVWUXLU XP PRGHOR SDUD RV $OJRULWPRV *HQxH WLFRV WHP RULJLQDGR XPD JUDQGH

TXDQWLGDGH GH WUDEDOKRV 6DOLHQWHVH R JUXSR GR *0' ^ *HUPDQ 1DWLRQDO 5HVHDUFK &HQWHU

IRU ,QIRUPDWLRQ 7HFKQRORJ\ RQGH R WUDEDOKR WHP VLGR RULHQWDGR SDUD TXH R PRGHOR VHM D FRQVWUXxuGR FRP EDVH HP FRQFHLWRV )xuVLFRV

  

5 H G H V 1 H X UR Q D LV H 0 xD T X LQ D V G H % R OW] P D Q Q

$V 5HGHV 1HXURQDLV RX DV 5HGHV 1HXURQDLV $UWLqFDLV VaDR PRGHORV PDWHPxDWLFRV LQVSLUDGRV QD FRQH[aDR H QR IXQFLRQDPHQWR GRV QHXUxR QLRV $ UHGH xH PRGHODGD SRU XP JUDIR HP TXH RV FHQWURV GHFLVRUHV FRUUHVSRQGHP DRV YxH UWLFHV H D OLJD}F aDR HQWUH HVWHV VaDR RV DUFRV 2V FRQFHLWRV ExDVLFRV GDV 5HGHV 1HXURQDLV VaDR EDVHDGRV SRU XP ODGR QD WRSRORJLD GRV YxH UWLFHV H GDV FRQH[aR HV HQWUH HOHV H SRU RXWUR QDV IXQ}F aR HV GH WUDQVIHUAH QFLD UHODFLRQDGDV FRP DV HQWUDGDV

H VDxuGDV GD LQIRUPD}F aDR GH FDGD YxH UWLFH 8P YxH UWLFH UHFHEH GDGRV GH HQWUDGD H[HFXWD XP FRQMXQWR GH RSHUD}F aR HV H GHYROYH HVWHV UHVXOWDGRV wD UHGH 2 LQWHUHVVH UHFHQWH QHVWHV PxH WRGRV GHYHVH VREUHWXGR DR WUDEDOKR GH +RSqHOG >+7@ HVWLPXODGR SHORV ERQV UHVXOWDGRV HP SURE

OHPDV GH GLIHUHQWHV xDUHDV >)%@  FRPR SRU H[HPSOR R UHFRQKHFLPHQWR GH SDGUaR HV (VWDV UHGHV HVWaDR LQWHJUDGDV QXPD xDUHD PDLRU FKDPDGD &RPSXWD}F aDR 1HXURQDO TXH HVWXGD PRGHORV FRPSXWDFLRQDLV LQVSLUDGRV QR FxH UHEUR KXPDQR 3UHVHQWHPHQWH D &RPSXWD}F aDR 1HXURQDO DWUDL

PXLWRV HVWXGLRVRV GH GLYHUVDV xDUHDV HP SDUWLFXODU GD ,QWHOLJAH QFLD $UWLqFLDO FRP R REM HFWLYR

GH VLPXODU GH XPD IRUPD FDGD YH] PDLV HqFD] R IXQFLRQDPHQWR GR FxH UHEUR XVDQGR WxH FQLFDV GH FRPSXWD}F aDR SDUDOHOD PDVVLYD

$V 5HGHV 1HXURQDLV SRGHP VHU WUHLQ D G D V QR VHQWLGR HP TXH xH SRVVxuYHO UHFRQKHFHU HYHQWRV

GH GLIHUHQWHV FODVVHV XVDQGR D OJR ULWP R V G H D S UHQ G L]D JHP DM XVWDQGR GHVWH PRGR DV HQWUDGDV GH FDGD YxH UWLFH SRU IRUPD D PD[LPL]DU R VHX GHVHPSHQKR 2 SURFHVVR GH RSWLPL]D}F aDR QHVWDV UHGHV xH YLVWR FRPR XPD DQDORJLD FRP D PLQLPL]D}F aDR GR SRWHQFLDO IxuVLFR UHSUHVHQWDGR FRPR

XPD IXQ}F aDR GH HQHUJLD (VWDV UHGHV SRGHP VHU XVDGDV HP GLYHUVDV xDUHDV TXH YaDR GHVGH D 2SWLPL]D}F aDR &RPELQDWxR ULD >3RW@  DWxH DR UHFRQKHFLPHQWR GH SDGUaR HV SDVVDQGR SRU VLVWHPDV GH DSUHQGL]DJHP

$V 0xDTXLQDV GH %ROW]PDQQ SRGHP VHU YLVWDV FRPR XPD JHQHUDOL]D}F aDR GR PRGHOR GH +RS

qHOG FXM D GLIHUHQ}F D UHVLGH QD LPSOHPHQWD}F aDR GH UHVWUL}F aR HV FRPR OLJD}F aR HV GH UHGHV HVWRFxDVWLFDV

&RPR QR PRGHOR DQWHULRU DV XQLGDGHV GDV 0xDTXLQDV GH %ROW]PDQQ WRPDP YDORUHV ELQxDULRV

R HVWDGR GH FDGD YxH UWLFH xH ?VLP RX ?QaDR H DV FRQH[aR HV VaDR ELGLUHFFLRQDLV (VWDV PxDTXLQDV 

& D SxuWX OR  

2 S WLP L]D }F aD R & R P E LQ D WxR ULD

XVDP XP PHFDQLVPR GH WUDQVL}F aDR GH HVWDGR HVWRFxDVWLFR HQTXDQWR DV 5HGHV 1HXURQDLV XVDP PHFDQLVPRV GHWHUPLQLVWDV

6HJXQGR (PLOH $DUWV >$.@ H[LVWHP WUAH V UD]aR HV IXQGDPHQ

WDLV SDUD HVWXGDU R PRGHOR GDV 0xDTXLQDV GH %ROW]PDQQ XPD JHQHUDOL]D}F aDR TXH SHUPLWH D DSOLFD}F aDR HP WRGRV RV FDPSRV GD &RPSXWD}F aDR 1HXURQDO D VLPSOLFLGDGH TXH SHUPLWH XPD IxDFLO LPSOHPHQWD}F aDR H xH VXSRUWDGD SRU XP ULJRURVR IRUPDOLVPR PDWHPxDWLFR TXH GxD XPD ERD GHVFUL}F aDR GDV SURSULHGDGHV GD FRQYHUJAH QFLD GD UHGH H SHUPLWH D FRQVWUX}F aDR GH DOJRULWPRV GH

DSUHQGL]DJHP VLPSOHV H SUHFLVRV 2 PRGHOR PDWHPxDWLFR GDV PxDTXLQDV GH %ROW]PDQQ WHP GXDV FDUDFWHUxuVWLFDV IXQGDPHQWDLV $ SULPHLUD xH TXH SRGHP VHU FRQVLGHUDGDV FRPR XP PR

GHOR SDUD D LPSOHPHQWD}F aDR SDUDOHOD GD 6LPXOD}F aDR GD 7AH PSHUD $ VHJXQGD xH D LQWURGX}F aDR GR UHIHULGR DOJRULWPR QR GRPxuQLR GD FRPSXWD}F aDR QHXURQDO SHUPLWLQGR D FRQVWUX}F aDR GH DOJR ULWPRV GH DSUHQGL]DJHP XVDQGR FRQFHLWRV PXLWR VLPSOHV H SURSULHGDGHV PXLWR LQWHUHVVDQWHV

2 SDUDOHOLVPR xH XPD FDUDFWHUxuVWLFD IXQGDPHQWDO GRV QHXURPRGHORV 1HVWHV R GHVHP

SHQKR GRV GHFLVRUHV LVRODGRV QHXUaR HV xH IRUPDO H H[SOLFLWDPHQWH GHqQLGR SHOR PHFDQLVPR GH

FRRSHUD}F aDRFRPSHWL}F aDR TXH HVWxD LQVHULGR QD SUxR SULD HVWUXWXUD GD UHGH 2 H[WHQVR WUDEDOKR GH )LHVOHU >)%@ DSUHVHQWD XPD SDQRUADPLFD PXLWR LQWHUHVVDQWH VREUH HVWD PHWDKHXUxuVWLFD

3RU Xx OWLPR D 7AH PSHUD 6LPXODGD D PDLV SURPLVVRUD PHWDKHXUxuVWLFD WHP RULJHP QD DQDOR

JLD FRP R SURFHVVR IxuVLFR GD 7AH PSHUD 1R LQxuFLR GRV DQRV RLWHQWD .LUNSDWULFN *HODWW H 9HFFKL

LQWURGX]LUDP H DGDSWDUDP FRQFHLWRV GD )xuVLFD wD 2SWLPL]D}F aDR &RPELQDWxR ULD REWHQGR GHVWD IRUPD D 7AH PSHUD 6LPXODGD



& D S xuWX OR 

7 AH P S H U D 6 LP X OD G D ,PDJLQHVH XP VXEVWADQFLD FULVWDOLQD TXH xH DTXHFLGD DWxH DR SRQWR GH IXVaDR 2 TXH DFRQWHFH wD PHGLGD TXH YDL VHQGR JUDGXDOPHQWH DUUHIHFLGD" $ VXEVWADQFLD PDQWxH PVH OxuTXLGD IRUPD XP FULVWDO FRP PXLWRV GHIHLWRV RX XP FULVWDO SHUIHLWR" (VWD xH XPD GDV TXHVWaR HV IXQGDPHQWDLV GD 0HFADQLFD (VWDWxuVWLFD >5HL@  (VWH SURFHVVR RQGH D WHPSHUDWXUD RFXSD XP OXJDU GH GHVWDTXH xH FRQKHFLGR FRPR 7AH PSHUD 0XLWR VXFLQWDPHQWH D 7AH PSHUD GH XP VxR OLGR FRQVLVWH

QD GLPLQXL}F aDR GD HQHUJLD LQWHUQD GDV SDUWxuFXODV TXH R FRQVWLWXHP SRU RXWUDV SDODYUDV DV x XP SURFHVVR SDUWxuFXODV YaDR RFXSDQGR GLIHUHQWHV SRVL}F aR HV SRU IRUPD D PLQLPL]DU D HQHUJLD ( PXLWR DQWLJR EHP FRQKHFLGR GRV KRPHQV TXH WUDEDOKDP R IHUUR 'H XPD IRUPD HPSxuULFD

ROKDQGR DSHQDV DV GLIHUHQWHV FRUHV GR IHUUR HP DUUHIHFLPHQWR WHP SHUD YD P Q R REWHQGR GHVWD IRUPD XP PDWHULDO PXLWR PDLV UHVLVWHQWH ^ R D}F R

1XPD SULPHLUD IDVH R VxR OLGR xH VXEPHWLGR D XPD WHPSHUDWXUD VXqFLHQWHPHQWH HOHYDGD

SRU IRUPD D TXH R VHX SRQWR GH IXVaDR VHM D DWLQJLGR (VWD WHPSHUDWXUD LQLFLDO xH FKDPDGD WHP SHUD WX UD G H IX VaD R H xH XP YDORU FDUDFWHUxuVWLFR GH FDGD VxR OLGR 1XPD VHJXQGD IDVH R VxR OLGR

xH GHL[DGR D HVVH QxuYHO GXUDQWH XP ORQJR SHUxuRGR GH WHPSR GH PRGR D TXH RV xDWRPRV RFXSHP

GHWHUPLQDGDV SRVL}F aR HV H R HTX LOxuEULR WxH UP LFR VHMD DWLQJLGR &RQWURODQGR GH IRUPD DGHTXDGD D WHPSHUDWXUD R VxR OLGR DUUHIHFH H D FDGD QxuYHO GH WHPSHUDWXUD R HTXLOxuEULR xH REWLGR &RQVRDQWH

R FRQWUROR TXH VH H[HUFH VREUH D GHVFLGD GD WHPSHUDWXUD R UHVXOWDGR qQDO SRGH VHU XP FULVWD O FRP RV xDWRPRV GLVSRVWRV VHJXQGR XPD UHGH FULVWDOLQD WHxR ULFD VH R DUUHIHFLPHQWR IRL

FXLGDGRVR XPD HVWUXWXUD DPRUID VHP TXDOTXHU RUGHP FULVWDOLQD SURYRFDGD QHFHVVDULDPHQWH SRU XP DUUHIHFLPHQWR UxDSLGR RX D QaDR REWHQ}F aDR GR HTXLOxuEULR D FDGD QxuYHO GH WHPSHUDWXUD

4XDQGR RV xDWRPRV VH HQFRQWUDP GLVSRVWRV VHJXQGR XPD UHGH FULVWDOLQD ^ D FRQqJXUD}F aDR 

& D SxuWX OR   7 AH P S HUD 6 LP X OD G D FULVWDOLQD ^ D HQHUJLD LQWHUQD xH PxuQLPD 'L]VH HQWaDR TXH R VLVWHPD GH SDUWxuFXODV DWLQJLX R VHX HVWD G R HOHP HQ WD U

1R SURFHVVR GD 7AH PSHUD H[LVWHP GXDV GHFLVaR HV IXQGDPHQWDLV XPD YH] TXH FRQGLFLRQDP

R VHX GHVHPSHQKR $ SULPHLUD SUHQGHVH FRP D IRUPD FRPR R DUUHIHFLPHQWR VH SURFHVVD $

VHJXQGD GL] UHVSHLWR DR WHPSR GH SHUPDQAH QFLD HP FDGD QxuYHO GH WHPSHUDWXUD (VWH WHPSR xH

R QHFHVVxDULR SDUD TXH DV SDUWxuFXODV FRQVWLWXLQWHV GR VxR OLGR DWLQM DP R HTXLOxuEULR WxH UPLFR &RP HVWH SURFHVVR SUHWHQGHVH DSHQDV PLQLPL]DU D HQHUJLD LQWHUQD GH XP FRQM XQWR GH xDWRPRV OHYDQGRRV DR VHX HVWDGR HOHPHQWDU

 

' D ) xuVLF D wD 2 S WLP L] D }F aD R & R P E LQ D WxR U LD

(P  1LFKRODV 0HWURSROLV >0557@  GR /RV $ODPRV 6FLHQWLqF /DERUDWRU\ VLPXORX D REWHQ}F aDR GR HTXLOxuEULR WxH UPLFR 3DUD LVVR HOH FULRX XP DOJRULWPR TXH qFRX FRQKHFLGR FRPR DOJRULWPR GH 0HWURSROLV H LPSOHPHQWRXR XVDQGR RV PHLRV GH FxDOFXOR GD xH SRFD &RP HOH xH

SRVVxuYHO REVHUYDU RV GLIHUHQWHV HVWDGRV SRU TXH SDVVD R FRQM XQWR GH xDWRPRV DWxH DWLQJLU R HVWDGR

GH HTXLOxuEULR D XP GDGR YDORU GH WHPSHUDWXUD $ DOWDV WHPSHUDWXUDV SHUWR GD WHPSHUDWXUD GH IXVaDR RV DWxR PRV WAH P XP JUDX GH OLEHUGDGH PXLWR JUDQGH SRGHP GHVORFDUVH OLYUHPHQWH w PHGLGD TXH D WHPSHUDWXUD YDL GHVFHQGR R H RFXSDU WRGDV DV SRVL}F aR HV DWxR PLFDV SRVVxuYHLV $ JUDX GH OLEHUGDGH GLPLQXL H QR qQDO RV xDWRPRV YaDRVH FRQVROLGDU QXPD UHGH FULVWDOLQD WHxR ULFD FRUUHVSRQGHQWH DR HVWDGR HOHPHQWDU RX QXP RXWUR HVWDGR GH HQHUJLD LQWHUQD SUxR [LPR

1R LQxuFLR GRV DQRV RLWHQWD 6FRWW .LUNSDWULFK H RV VHXV FRODERUDGRUHV & ' *HODWW H 0 3

9HFKL >.*9@  GRV ODERUDWxR ULRV GD ,%0 DSHUFHEHUDPVH GH TXH R SURFHVVR GD 7AH PSHUD HUD PXLWR VHPHOKDQWH QRV VHXV REM HFWLYRV wD UHVROX}F aDR GH XP SUREOHPD GH RSWLPL]D}F aDR FRPEL

QDWxR ULD 3UHWHQGLDVH HQFRQWUDU XPD HVWUDWxH JLD SDUD D UHVROX}F aDR GH SUREOHPDV GH RSWLPL]D}F aDR FRQVLGHUDGRV GLIxuFHLV QRPHDGDPHQWH SDUD RV TXDLV DLQGD QaDR IRL HQFRQWUDGR XP DOJRULWPR

SROLQRPLDO 8QV DQRV GHSRLV &‡H UQ\ >&‡H U@  GH XPD IRUPD WRWDOPHQWH LQGHSHQGHQWH FKHJD wD PHVPD FRQFOXVaDR qFDQGR GHVWD IRUPD OLJDGR wD LQWURGX}F aDR GRV FRQFHLWRV IXQGDPHQWDLV GD 7AH PSHUD 6LPXODGD QD 2SWLPL]D}F aDR &RPELQDWxR ULD

(VWHV FRQFHLWRV HVWDEHOHFHP XPD IRUWH DQDORJLD HQWUH R SURFHVVR IxuVLFR GD 7AH PSHUD GH

VxR OLGRV H D UHVROX}F aDR GH SUREOHPDV GH 2SWLPL]D}F aDR &RPELQDWxR ULD GH GLIxuFLO UHVROX}F aDR 1DVFH DVVLP XPD HVWUDWxH JLD HVWRFxDVWLFD FRP R RE M HFWLYR GH REWHU ERDV VROX}F aR HV HP SUREOHPDV GDV FODVVH 13



   ' D ) xuVLFD wD 2 S WLP L]D }F aD R & R P E LQ D WxR ULD 6XEVWLWXLQGR RV xDWRPRV SRU XP FRQM XQWR GH VROX}F aR HV GH XP SUREOHPD GH 2SWLPL]D}F aDR

&RPELQDWxR ULD SRU H[HPSOR XP FRQMXQWR GH VROX}F aR HV DGPLVVxuYHLV SDUD R 3UREOHPD GR &DL[HLUR

9LDM DQWH H LQWHUSUHWDQGR D WHPSHUDWXUD FRPR XP SDUADPHWUR GH FRQWUROR WHPVH D 7AH PSHUD 6LPXODGD

7UDGX]LQGR QXPD SVHXGROLQJXDJHP R PxH WRGR GD 7AH PSHUD 6LPXODGD DSUHVHQWD RV VHJXLQWHV

SDVVRV

6ROX}F aDR LQLFLDO V L

7HPSHUDWXUD LQLFLDO 7 UHSHWLU

UHSHWLU

JHUDU VROX}F aDR V M YL]LQKD GH V L VH s

I V M b I V L  

HQWaDR V L ‚

VHQaDR V L ‚

VM

V M FRP SUREDELOLGDGH H[S b s 7

DWxH DR HTXLOxuEULR 7 ‚

1RYR 7

DWxH VDWLVID]HU FULWxH ULR GH SDUDJHP $ IRUPD FRPR DV VROX}F aR HV VH FRPSRUWDP xH VHPHOKDQWH DR SURFHVVR IxuVLFR $ WHP SHUD WX  w PHGLGD TXH HVWH UD V HOHYDGDV R HVSD}F R GH VROX}F aR HV xH SHUFRUULGR QXPD PDLRU DPSOLWXGH $ SDUADPHWUR YDL VHQGR PHQRU R HVSD}F R GH VROX}F aR HV SDVVD D VHU SHVTXLVDGR HP YL]LQKDQ}F DV GDV VROX}F aR HV GH PHQRU FXVWR 3UHWHQGHVH QR qQDO REWHU XPD VROX}F aDR PxuQLQD JOREDO RX FDVR QaDR VHM D SRVVxuYHO DYHULJXDU D JOREDOLGDGH XPD VROX}F aDR GH ERD TXDOLGDGH

$ DSOLFD}F aDR GHVWH PxH WRGR H[LJH DOJXPDV GHqQL}F aR HV TXH VH GLYLGHP HP GRLV JUXSRV 2

SULPHLUR JUXSR GL] UHVSHLWR wD HVSHFLqFLGDGH GR SUREOHPD XPD FRUUHFWD GHVFUL}F aDR GR HVSD}F R GH VROX}F aR HV 6  XP PHFDQLVPR GH WUDQVL}F aDR DGHTXDGR H D GHqQL}F aDR GD IXQ}F aDR FXVWR 2 VHJXQGR JUXSR GH GHqQL}F aR HV xH FRQVWLWXxuGR SHORV SDUADPHWURV TXH GHqQHP XP DOJRULWPR FRPR VHM DP

D WHPSHUDWXUD LQLFLDO 7  D IRUPD GH FRQWURODU D GHVFLGD D FDUDFWHUL]D}F aDR GR HTXLOxuEULR H R FULWxH ULR GH SDUDJHP

'HVWH Xx OWLPR FRQM XQWR GH GHqQL}F aR HV UHVXOWDP YxDULRV DOJRULWPRV SDUD R PHVPR PxH WRGR TXH

VH GLVWLQJXHP SHOD IRUPD FRPR VH FRQFUHWL]DP HVVHV SDUADPHWURV (VWH FRQMXQWR GH GHqQL}F aR HV 

& D SxuWX OR   7 AH P S HUD 6 LP X OD G D xH GHVLJQDGR SRU ?HVWUDWxH JLD GH DUUHIHFLPHQWR  UHDO}F DQGR GHVWD IRUPD D LPSRUWADQFLD TXH w HVWUDWxH JLD GH DUUHIHFLPHQWR SRGHP VHU DLQGD D WHPSHUDWXUD WHP HP WRGR R SURFHVVR $ LPSRVWDV FRQGL}F aR HV FRPR VH YHUxD QR &DSxuWXOR  GHVWH WUDEDOKR WDLV FRPR D DGDSWDELOLGDGH H D JHUD}F aDR DXWRPxDWLFD HP WHPSR UHDO

 

' D 2 S WLP L] D }F aD R & R P E LQ D WxR U LD wD ) xuVLF D

$ 7AH PSHUD xH R SURFHVVR IxuVLFR TXH FRQGX] XP VxR OLGR D XP HVWDGR GH HQHUJLD PxuQLPD $

WHPSHUDWXUD xH HOHYDGD H DV SDUWxuFXODV TXH R FRPSAR HP PRYHPVH OLYUHPHQWH wD PHGLGD TXH

xH DUUHIHFLGR D PRELOLGDGH xH UHVWULQJLGD H XP HVWDGR GH HQHUJLD PxuQLPR xH DWLQJLGR 1D H[

HFX}F aDR SHUIHLWD GHVWH SURFHVVR D IRUPD FULVWDOLQD xH DWLQJLGD RX VHM D R HVWDGR HOHPHQWDU xH HQFRQWUDGR 2 SURFHVVR HVWXGDGR QD )xuVLFD GD 0DWxH ULD &RQGHQVDGD xH UHJXODGR SRU GXDV IDVHV IXQGDPHQWDLV

^ HOHYDU D WHPSHUDWXUD DWxH TXH R VxR OLGR DWLQM D R VHX SRQWR GH IXVaDR ^ GHVFHU D WHPSHUDWXUD FRQWURODGDPHQWH SRU IRUPD D TXH DV SDUWxuFXODV GR VxR OLGR VH FRQVROLGHP QXP HVWDGR GH HQHUJLD PxuQLPD

&RPR IRL UHIHULGR QR LQxuFLR GHVWH FDSxuWXOR R SURFHVVR GD WAH PSHUD IRL PRGHODGR SRU

0HWURSROLV >0557@ FRP D qQDOLGDGH GH VLPXODU D REWHQ}F aDR GR HTXLOxuEULR WxH UPLFR D XPD

GDGD WHPSHUDWXUD 8PD VHTXAH QFLD GH HVWDGRV HYROXL GD VHJXLQWH IRUPD GDGR XP HVWDGR L FRP HQHUJLD (

L

JHUDVH DWUDYxH V GH XP PHFDQLVPR GH SHUWXUED}F aDR TXH DFWXD VREUH R VLVWHPD

DOWHUDQGR SRU H[HPSOR D SRVL}F aDR GH XPD SDUWxuFXOD  XP HVWDGR M FRP HQHUJLD ( M  6H D GLIHUHQ}F D GH HQHUJLD s

(

M

b (

L

xH PHQRU RX LJXDO D ]HUR HQWaDR R HVWDGR M xH DFHLWH FRPR

HVWDGR FRUUHQWH &DVR FRQWUxDULR R HVWDGR M xH DFHLWH PHGLDQWH D DSOLFD}F aDR GH XP FULWxH ULR HVWRFxDVWLFR GDGR SRU

H[S b s . 7

RQGH 7 xH D WHPSHUDWXUD H . xH D FRQVWDQWH GH %ROW]PDQQ  d  b  HUJV GHJb 



6H R VLVWHPD IRU DUUHIHFLGR GH XPD IRUPD DGHTXDGD R HTXLOxuEULR xH DOFDQ}F DGR D FDGD QxuYHO GD

WHPSHUDWXUD $ VXD FDUDFWHUL]D}F aDR xH FRQVHJXLGD DWUDYxH V GD GLVWULEXL}F aDR GH *LEEV%ROW]PDQQ DSUHVHQWDGD QR LQLFLR GHVWH VxH FXOR H DLQGD DQWHV GR GHVHQYROYLPHQWR GD 0HFADQLFD 4XADQWLFD

1R OLYUR GH - :LOODUG *LEEV xH DSUHVHQWDGD SHOD SULPHLUD YH] D 'LVWULEXL}F aDR &DQxR QLFD RX 'LVWULEXL}F aDR GH *LEEV%ROW]PDQQ FRPR XPD IXQ}F aDR GH HQHUJLD >*LE &DSxuWXOR ,9@  $ 

   ' D 2 S WLP L]D }F aD R & R P E LQ D WxR ULD wD ) xuVLFD LPSRUWADQFLD GHVWD GLVWULEXL}F aDR HVWxD EHP SDWHQWH QR SUHIxDFLR GH 0 %ULOORXLQ RQGH VH SRGH OHU

>@ FD U F HVW ELHQ OD OH FD UD WwH UH G H FHWWH RHX YUH YxH ULWD EOH WHVWD P HQ W VFLHQ WLq TX H

G H * LEEV ( OOH R X YUH X Q H Q R X YHOOH xH SRTX H G D Q V OH G xH YHOR S S P HQ WV G HV WK xH R ULHV S K \ VLTX HV

$ YDULxDYHO DOHDWxR ULD ; UHSUHVHQWD RV GLYHUVRV HVWDGRV GH XP VxR OLGR D XPD GHWHUPLQDGD WHP

SHUDWXUD $ SUREDELOLGDGH GR VxR OLGR VH HQFRQWUDU QR HVWDGR L FRP HQHUJLD ( L wD WHPSHUDWXUD 7  xH GDGD SRU RQGH

3 ;

H[S b ( =

L ;

=

M

xH D )XQ}F aDR GH 3DUWL}F aDR

H[S b (

M

L

. 7



 

. 7

$ DQDORJLD GHVWH SURFHVVR FRP D 7AH PSHUD 6LPXODGD XVDGD QD UHVROX}F aDR GH SUREOHPDV GH

2SWLPL]D}F aDR &RPELQDWxR ULD xH HVWDEHOHFLGD GD VHJXLQWH IRUPD

^ DV VROX}F aR HV GXP SUREOHPD VaDR HTXLYDOHQWHV DRV HVWDGRV QXP VLVWHPD IxuVLFR ^ R FXVWR GH XPD VROX}F aDR xH HTXLYDOHQWH wD HQHUJLD GH XP HVWDGR &RPR QR SURFHVVR IxuVLFR GD 7AH PSHUD D WHPSHUDWXUD FRQWUROD R GHVHQURODU GR DOJRULWPR

RFXSDQGR GHVWD IRUPD XP OXJDU GH GHVWDTXH $ VHTXAH QFLD GDV WHPSHUDWXUDV I 7 Q J REHGHFH D XPD UHOD}F aDR GH RUGHP

7  ! 7  !  ! 

 

$ FDGD QxuYHO GH WHPSHUDWXUD xH H[HFXWDGR R DOJRULWPR GH 0HWURSROLV 2 FULWxH ULR GH DFHLWD}F aDR

xH GHqQLGR GD VHJXLQWH IRUPD GDGDV GXDV VROX}F aR HV V L H V M  9 V L FRP FXVWRV I V L H I V M  UHVSHFWLYDPHQWH D VROX}F aDR V M xH DFHLWH VH 3 V M DFHLWH RQGH s

I V M b I V L 

 



u

 H[S b s 7

v

VH s   VH s w 

 

8PD WUD Q VL}F aD R xH R UHVXOWDGR GD DSOLFD}F aDR VHTXHQFLDO GR PHFDQLVPR GH JHUD}F aDR H GR FULWxH ULR

GH DFHLWD}F aDR



& D SxuWX OR   7 AH P S HUD 6 LP X OD G D $ SULQFLSDO FDUDFWHUxuVWLFD GHVWH PxH WRGR xH D DFHLWD}F aDR GH VROX}F aR HV FXM R YDORU YDL FRQWUD

R VHQWLGR GD RSWLPL]D}F aDR HP FXUVR H TXH WRUQD SRVVxuYHO VDLU GRV PXLWRV PxuQLQRV ORFDLV TXH

DV IXQ}F aR HV SRVVXHP &RP YDORUHV GH 7 HOHYDGRV DV VROX}F aR HV GHVWH WLSR VaDR DFHLWHV HP PDLRU QxX PHUR QR HQWDQWR TXDQGR HVWH YDORU VH DSUR[LPD GH ]HUR QHQKXPD VROX}F aDR GHVWH WLSR xH DFHLWH

$ SUREDELOLGDGH GH DFHLWD}F aDR xH LPSOHPHQWDGD FRPSDUDQGR R YDORU GH H[S b s 7 FRP

XP YDORU VHOHFFLRQDGR DOHDWRULDPHQWH QR FRQM XQWR p  >H[S b s P

D[

7 > 1D qJXUD VHJXLQWH

HVWaDR UHSUHVHQWDGDV DV xDUHDV GH UHMHL}F aDR H DFHLWD}F aDR SDUD XP FRQM XQWR GH YDORUHV GH 7  $

 p

$

5 F

7

s

$

 p

$

5 F

7L

s

$



5 7



s

(VWH PxH WRGR SRGH VHU HQWHQGLGR FRPR XPD JHQHUDOL]D}F aDR GR PxH WRGR GD SHVTXLVD ORFDO

TXDQGR R YDORU GH 7 VH DSUR[LPD GH ]HUR

1D VHF}F aDR VHJXLQWH DSUHVHQWDPVH DV OLQKDV JHUDLV GH GXDV GHPRQVWUD}F aR HV GD FRQYHUJAH QFLD

DVVLPSWxR WLFD GD 7AH PSHUD 6LPXODGD SDUD XP FRQM XQWR GH VROX}F aR HV xR SWLPDV XVDQGR FDGHLDV

GH 0DUNRY H $XWxR PDWRV (VWRFxDVWLFRV $ WHUFHLUD GHPRQVWUD}F aDR GH FRQYHUJAH QFLD DVVLPSWxR WLFD GL] UHVSHLWR DR FXVWR GDV VROX}F aR HV 3URYDVH TXH TXDQGR D WHPSHUDWXUD VH DSUR[LPD GH ]HUR

xH JHUDGR XP QxX PHUR LQqQLWR GH WUDQVL}F aR HV R FXVWR GDV VROX}F aR HV VH DSUR[LPD GR FXVWR xR SWLPR

$ PRGHOD}F aDR ?FOxDVVLFD DSUHVHQWDGD SRU (PLOH $DUWV >/$@ WHP SRU EDVH D 7HRULD GRV

3URFHVVRV (VWRFxDVWLFRV PDLV SURSULDPHQWH DV &DGHLDV GH 0DUNRY H WHP FRPR REM HFWLYR qQDO D SURYD GD FRQYHUJAH QFLD DVVLPSWxR WLFD GR UHIHULGR PxH WRGR

2V $XWxR PDWRV (VWRFxDVWLFRV SRGHP VHU XWLOL]DGRV FRPR XP PRGHOR GD 7AH PSHUD 6LPXODGD

1D 7HRULD GRV $XWxR PDWRV (VWRFxDVWLFRV H[LVWH XP SUREOHPD FDUDFWHUxuVWLFR D SURFXUD GH XP

YDORU H[WUHPR QXP HVSD}F R qQLWR H GLVFUHWR ,PDJLQHVH XP DXWxR PDWR FRPR XPD HVWUXWXUD PDLV JHUDO RQGH XP DOJRULWPR HVWRFxDVWLFR RSHUD TXH DGPLWH FRPR HQWUDGD XP YHFWRU GH

SDUADPHWURV GLVFUHWRV H FRPR VDxuGD XP YDORU UHVXOWDQWH GH XPD IXQ}F aDR HVFDODU (VWH DXWxR PDWR VHUYH GH EDVH D XP PRGHOR SDUD D 7AH PSHUD 6LPXODGD H DV SURSULHGDGHV GRV $XWxR PDWRV (VWRFxDVWLFRV VaDR XVDGDV SDUD GHPRQVWUDU D FRQYHUJAH QFLD QaDR VxR GD 7AH PSHUD 6LPXODGD PDV 

   & D G HLD V G H 0 D UN R Y GH WRGRV RV 0xH WRGRV FRP &DSDFLGDGH GH 7ROHUADQFLD LVWR xH  PxH WRGRV TXH DGPLWHP XPD GHJUDGD}F aDR GD IXQ}F aDR RE M HFWLYR FRPR IRUPD GH VDLU GH PxuQLPRV ORFDLV

)LQDOPHQWH xH DSUHVHQWDGD XPD SURYD GH FRQYHUJAH QFLD EDVHDGD QDV 7UDQVL}F aR HV $WUDYxH V GH

XPD FDUDFWHUL]D}F aDR GDV WUDQVL}F aR HV D FDGD QxuYHO GH WHPSHUDWXUD H wD PHGLGD TXH HVWD GHFUHVFH SURYDVH TXH R FXVWR GDV VROX}F aR HV WHQGH DVVLPSWRWLFDPHQWH SDUD XP FXVWR SUxR [LPR GR xR SWLPR

$V GXDV SULPHLUDV GHPRQVWUD}F aR HV GH FRQYHUJAH QFLD QHFHVVLWDP GH SURSULHGDGHV GDV &DGHLDV

GH 0DUNRY GDV TXDLV VH DSUHVHQWD HP VHJXLGD XPD EUHYH VxuQWHVH 1D PDLRULD GRV UHVXOWDGRV

VaDR RPLWLGDV DV GHPRQVWUD}F aR HV LQGLFDQGRVH QR HQWDQWR D ELEOLRJUDqD RQGH HVWDV SRGHP VHU HQFRQWUDGDV

 

& D G H LD V G H 0 D U N R Y

8P SURFHVVR HVWRFxDVWLFR >)HO 0DW@ xH XPD FROHF}F aDR I ; ;

W

W

 W  7 J GH YDULxDYHLV DOHDWxR ULDV

GHqQLGDV VREUH XP HVSD}F R GH SUREDELOLGDGH H WRPDQGR YDORUHV HP (  R HVSD}F R GH HVWDGRV

$R FRQMXQWR 7 FKDPDVH HVSD}F R GR SDUADPHWUR H GHVLJQDVH SRU ;

W

R HVWDGR GR SURFHVVR QR

LQVWDQWH W $ FDUDFWHUL]D}F aDR GRV GLYHUVRV SURFHVVRV HVWRFxDVWLFRV xH EDVHDGD QD QDWXUH]D GR

HVSD}F R GH HVWDGRV (  GR SDUADPHWUR LQGH[DGR HP 7 H GDV UHOD}F aR HV GH GHSHQGAH QFLD HQWUH DV YDULxDYHLV DOHDWxR ULDV ; W  2 FRQM XQWR ( SRGH SRVVXLU XPD HVWUXWXUD GLVFUHWD SRU H[HPSOR LVRPRUID DR FRQM XQWR ,1 GL]VH QHVWH FDVR TXH R SURFHVVR WHP HVSD}F R GH HVWDGRV GLVFUHWR 3RU RXWUR ODGR VH (

,5 HQWaDR ;

W

xH XP SURFHVVR HVWRFxDVWLFR GH YDORUHV UHDLV )LQDOPHQWH

VH ( xH XP HVSD}F R HXFOLGLDQR GH GLPHQVaDR qQLWD HQWaDR ;

W

xH XP SURFHVVR N YHFWR U HP TXH

N xH XP YDORU UHIHUHQWH wD GLPHQVaDR GR HVSD}F R $ FDUDFWHUL]D}F aDR GR HVSD}F R GR SDUADPHWUR 7

xH UHDOL]DGD GD VHJXLQWH IRUPD VH 7 IRU QXPHUxDYHO HQWaDR R SURFHVVR xH GH SD UAD P HWUR G LVFUHWR RX WHP SR G LVFUHWR  6H 7 IRU FRQWxuQXR HQWaDR R SURFHVVR xH GH SD UAD P HWUR FR Q WxuQ X R RX WHP SR

FR Q WxuQ X R  'D UHOD}F aDR GH GHSHQGAH QFLD GDV YDULxDYHLV DOHDWxR ULDV UHVXOWD XP FRQM XQWR PXLWR

YDVWR GH SURFHVVRV HVWRFxDVWLFRV DOJXQV GRV TXDLV GH H[WUHPD LPSRUWADQFLD 1R TXH VH VHJXH DV YDULxDYHLV DOHDWxR ULDV VaDR UHDLV H R HVSD}F R GR SDUADPHWUR xH GDGR SRU 7 ;

1R SURFHVVR HVWRFxDVWLFR I ;

W ; WQ

b ;

WQ c



W

,5 

 W  7 J  WRPDPVH DV YDULxDYHLV DOHDWxR ULDV ;

W

b ;

W ; W

b

TXH VaDR LQGHSHQGHQWHV SDUD TXDLVTXHU W W WQ  7 H VH YHULqFDUHP

D UHOD}F aDR W  W    WQ  GL]VH TXH WAH P LQFUHPHQWRV LQGHSHQGHQWHV 6H D GLVWULEXL}F aDR GRV LQFUHPHQWRV ;

W  K

b ;

W

GHSHQGHU XQLFDPHQWH GD DPSOLWXGH K GR LQWHUYDOR >W W  K @ H QaDR

GR LQVWDQWH W  GL]VH TXH R SURFHVVR WHP LQFUHPHQWRV HVWDFLRQxDULRV (P SDUWLFXODU QR FDVR 

& D SxuWX OR   7 AH P S HUD 6 LP X OD G D GH XP HVSD}F R GH SDUADPHWUR GLVFUHWR 7

,1   R SURFHVVR I ;

Q

 Q  ,1  J FRP LQFUHPHQWRV

LQGHSHQGHQWHV UHG X ]VH D XPD VXFHVVaDR GH YDULxDYHLV DOHDWxR ULDV LQGHSHQGHQWHV =

;





=

&RQKHFLGD D GLVWULEXL}F aDR GH FDGD =

; Lb ;

L

L

L

L

Lb

 

  xH SRVVxuYHO GHWHUPLQDU D GLVWULEXL}F aDR

FRQM XQWD GH XP TXDOTXHU QxX PHUR qQLWR GH YDULxDYHLV DOHDWxR ULDV XPD YH] TXH ;   = L  L



8P SURFHVVR HVWRFxDVWLFR I ;

W

 W  7 J GL]VH HVWULWDPHQWH HVWDFLRQxDULR VH SDUD TXDOTXHU

K !  H TXDOTXHU VHOHF}F aDR WL  7  WL  K  7 L I;

==

L

Q  DV IDPxuOLDV GH YDULxDYHLV DOHDWxR ULDV

W  K ; W  K ; WQ  K J

H I;

W ; W ; WQ

J

WAH P D PHVPD IXQ}F aDR GLVWULEXL}F aDR (VWD FRQGL}F aDR LGHQWLqFD R HVWDGR GH HTXLOxuEULR HVWDWxuVWLFR GH XP SURFHVVR

8P SURFHVVR I ; W W  7 J GL]VH GH 0DUNRY VH 3 D „ ;

W

„ EM;

W

[  ;

[  ;

W

WQ

[Q

3 D „ ;

W

„ EM;

WQ

[Q

VHPSUH TXH W  W    WQ  W $ SUREDELOLGDGH GH RFRUUAH QFLD GH TXDOTXHU DFRQWHFLPHQWR UHODWLYR DR FRPSRUWDPHQWR IXWXUR GR SURFHVVR GDGR TXH R HVWDGR SUHVHQWH xH FRQKHFLGR QaDR

xH DOWHUDGR SHOR FRPSRUWDPHQWR SDVVDGR 6H DV UHDOL]D}F aR HV VaDR IXQ}F aR HV FRQWxuQXDV HQWaDR WUDWD

VH GH XP SURFHVVR GH GLIXVaDR $ XP SURFHVVR GH 0DUNRY FXMR HVSD}F R GH HVWDGRV xH qQLWR RX LQqQLWR QXPHUxDYHO FKDPDVH &DGHLD GH 0DUNRY

)RUPDOPHQWH I ; Q Q  ,1  J xH XPD FDGHLD GH 0DUNRY VH 3 ;

Q 

M M;  ;  ;

H GHVWH PRGR

L

Q

S QLMQ 



3 ; 3 ;

Q 

M M; MM;

Q 

Q

Q

L  M  (   Q  ,1   L 

 

6H HVWDV SUREDELOLGDGHV IRUHP LQGHSHQGHQWHV GH Q JHUDOPHQWH GHSHQGHP GR HVWDGR LQLFLDO

GR HVWDGR qQDO H GR LQVWDQWH Q  HQWaDR D FDGHLD GH 0DUNRY xH KRPRJxH QHD QR WHPSR 'HVWH PRGR

S LM

3 ;

Q 

M M;

Q

L   Q  ,1 



xH D SUREDELOLGDGH GH DOFDQ}F DU R HVWDGR M QXPD VxR WUDQVL}F aDR SDUWLQGR GR HVWDGR L H GHVLJQDVH

SRU S UR ED ELOLG D G H G H WUD Q VL}F aD R  $ UHSUHVHQWD}F aDR SDUD WRGRV RV HVWDGRV xH IHLWD DWUDYxH V GH XPD 

   & D G HLD V G H 0 D UN R Y PDWUL] 3 GDV SUREDELOLGDGHV GH WUDQVL}F aDR GD FDGHLD 6H R QxX PHUR GH HVWDGRV IRU qQLWR D PDWUL] 3 xH TXDGUDGD H D RUGHP xH LJXDO DR QxX PHUR GH HVWDGRV (VWD PDWUL] VDWLVID] DV GXDV FRQGL}F aR HV VHJXLQWHV S LM w    LM

 H

P D WUL] HVWRFxD VWLFD 

3

M 

S LM

  L

 H FKDPDVH

7 H R U H P D   ' D G D X P D FD G HLD G H 0 D UNR Y K R P RJxH Q HD  YHULq FD VH TX H 3 ;

Q 

L ;

L ;

Q 

LP M;

Q P

L

Q

S L L S L L S LP

c  LP



SD UD TX D LVTX HU Q P  ,1   P w  H L L LP  (  $ GHPRQVWUD}F aDR GHVWH UHVXOWDGR xH LPHGLDWD DWHQGHQGR wDV GHqQL}F aR HV GH SUREDELOLGDGH FRQGL FLRQDGD   H    8P UHVXOWDGR LPHGLDWR xH GDGR SHOR VHJXLQWH FRUROxDULR & R U R OxD U LR   6 H 3 ; 3 ;





L

D L  L  ( HQ WaD R

L ;



L ;

LP

P

D L S L L S L L S LP

c  LP

SD UD TX D LVTX HU P  ,1  H L L LP  (  1XPD FDGHLD GH 0DUNRY KRPRJxH QHD DV SUREDELOLGDGHV GH DOFDQ}F DU R HVWDGR M HP Q

WUDQVL}F aR HV SDUWLQGR GR HVWDGR L S QLM

3 ;

Q P

M M;

L  LMQ P  ,1   VaDR LQGHSHQ

P

GHQWHV GH P H FDOFXODPVH SRU LQWHUPxH GLR GDV SUREDELOLGDGHV S LM 

7 H R U H P D   $ HTX D }F aD R G H & K D S P D Q ^ . R OP RJR UR Y G H X P D FD G HLD G H 0 D UNR Y FR P P D WUL] G H S UR ED ELOLG D G HV G H WUD Q VL}F aD R 3 S PLM  R Q G H P Q  ,1  H

'H DFRUGR FRP HVWD HTXD}F aDR 3

>S LM @ xH G D G D SR U

Q

 ;

N

S LM Q  P



S QLN S PN M  LM



    

M

3

VH L

VH L  M

Q 3 P 

H3

Q

 

 3 3

Q b

3 3 3

Q b

3 Q

8P HVWDGR M xH D FHVVxuYHO D SDUWLU GR HVWDGR L VH S QLM !  SDUD DOJXP LQWHLUR Q w  LVWR xH 

SDUWLQGR GH L H[LVWH XPD SUREDELOLGDGH SRVLWLYD GH M VHU DOFDQ}F DGR QXP QxX PHUR qQLWR GH

WUDQVL}F aR HV 'RLV HVWDGRV FR P X Q LFD P TXDQGR VaDR DFHVVxuYHLV D SDUWLU XP GR RXWUR 'H DFRUGR 

& D SxuWX OR   7 AH P S HUD 6 LP X OD G D FRP HVWD UHOD}F aDR GH FRPXQLFDELOLGDGH TXH VH SURYD VHU GH HTXLYDOAH QFLD xH SRVVxuYHO GLYLGLUVH RV HVWDGRV HP FODVVHV GH HTXLYDOAH QFLD 6H WRGRV RV HVWDGRV FRPXQLFDP HQWUH VL D FDGHLD GH

0DUNRY GL]VH LUUHG X WxuYHO H D UHOD}F aDR GH HTXLYDOAH QFLD LQGX] XPD VxR FODVVH 2 SHUxuRG R GH XP HVWDGR L G L  xH PxD[LPR GLYLVRU FRPXP GH WRGRV RV LQWHLURV Q w  SDUD RV TXDLV S QLL !  QR FDVR SDUWLFXODU HP TXH S QLL HQWaDR G L

 SDUD WRGRV RV Q w  WRPDVH G L

  VH L FRPXQLFD FRP N 

G N H VH R HVWDGR L WLYHU SHUxuRGR G L  HQWaDR H[LVWH XP LQWHLUR 1 H SDUD WRGRV RV

LQWHLURV Q w 1  D SUREDELOLGDGH GH SDUWLQGR GH L UHJUHVVDU D L xH GDGD SRU S LL

Q G L

!  4XDQGR

WRGRV RV HVWDGRV WAH P SHUxuRGR XQLWxDULR D FDGHLD GH 0DUNRY FKDPDVH DSHULxR GLFD

$ S UR ED ELOLG D G H G H S ULP HLUD YLVLWD  LVWR xH  SDUWLQGR GH L D SULPHLUD YLVLWD DR HVWDGR L

RFRUUHU H[DFWDPHQWH QD WUDQVL}F aDR GH RUGHP Q  xH GDGD SRU FRP I LL

 H I LL

I LLQ

3 ;

S LL

L;

Q

N

 L N

Q b M;

L Q w 



7 H R U H P D   >) HO  @ $ V S UR ED ELOLG D G HV S QLLL  ( Q  ,1 SRG HP VHU FD OFX OD G D V HP WHUP R V G D V S UR ED ELOLG D G HV G H S ULP HLUD YLVLWD X VD Q G R D H[S UHVVaD R ;Q

S QLL

N 

I LLN S QLLbN Q w 

' H q Q L}F aD R   8 P HVWD G R G L]VH UHFR UUHQ WH VH H VxR VH

3 Q



I LLQ



3 Q



S QLL

  LVWR xH 

SD UWLQ G R G R HVWD G R L UHJUHVVD U G H FHUWH]D D L D S xR V X P Q Xx P HUR q Q LWR G H WUD Q VL}F aR HV ' H q Q L}F aD R   8 P HVWD G R G L]VH WUD Q VLWxR ULR VH H VxR VH

3 Q



HVWD G R L H[LVWH X P D S UR ED ELOLG D G H SR VLWLYD G H Q aD R UHJUHVVD U D L

I LLQ   LVWR xH  SD UWLQ G R G R

6H L FRPXQLFD FRP M H M xH UHFRUUHQWH HQWaDR L WDPExH P xH UHFRUUHQWH 6H M xH XP HVWDGR

UHFRUUHQWH H M xH DFHVVxuYHO D N  HQWaDR N WDPExH P xH DFHVVxuYHO D M H I MN

3 Q



I MQN



2 WHRUHPD OLPLWH GR UHQRYDPHQWR SHUPLWH FDOFXODU OLP Q   S QLM  RX VHM D R FRPSRUWDPHQWR

OLPLWH GD FDGHLD GH 0DUNRY >)HO@ 

7 H R U H P D   >0 D W  @ & R Q VLG HUHP VH D V VX FHVVaR HV UHD LV I D N J  I X N J  I E N J FR P N  == H VX SR Q K D VH TX H D N w  

3

DN

 

3

MN MD N   

3

NDN !  H

3

ME N M    R P G F G R V

LQ WHLUR V N SD UD R V TX D LV D N !  xH  6 H H[LVWH X P D VX FHVVaD R OLP LWD G D G H Q Xx P HUR V UHD LV I X Q J  SD UD R V TX D LV

XQ b

; N b

D Q bN X N 

EQ

   & D G HLD V G H 0 D UN R Y FK D P D G D HTX D }F aD R G H UHQ R YD P HQ WR  HQ WaD R H[LVWH R OLP Q    HQ WaD R 

3

Q 

3  N

NDN

b

X Q H OLP Q  b X Q  6 H OLP Q  b X Q

EN 3 N b 

OLP X Q

6 H VH YHULq FD U TX H



N

b

NDN

  D V UHOD }F aR HV OLP LWH VaD R YxD OLG D V G HVG H TX H 3  N b E N 3  N b



NDN

1R FDVR HP TXH I D N J  I X N J H I E N J VaDR QXODV SDUD N   H E N w  SDUD N !  D HTXD}F aDR

GH UHQRYDPHQWR xH GDGD SRU

XQ b

;Q N 

D Q bN X Q

EN

Q



2 FRPSRUWDPHQWR GH S QLM TXDQGR Q    SDUD TXDOTXHU LM  (  xH XP FDVR SDUWLFXODU GR

WHRUHPD DQWHULRU FRQKHFLGR FRPR R WHRUHPD (UJxR GLFR GDV &DGHLDV GH 0DUNRY

7 H R U H P D   >) HO  @ 6 H X P D FD G HLD G H 0 D UNR Y IR U LUUHG X WxuYHO D SHULxR G LFD H WRG R V R V HVWD G R V IR UHP UHFR UUHQ WHV X VD Q G R D V G Hq Q L}F aR HV D Q WHULR UHV G H S QLL  I LLQ H VD EHQ G R TX H S QLL b HQ WaD R OLP Q   S QLL

3  Q



Q Q I LL

;Q N 

    

I LLQ bN S NLL

H OLP Q   S QML

VH Q



VH Q ! 

OLP Q   S QLL

1R FDVR GH D FDGHLD GH 0DUNRY QaDR VHU LUUHGXWxuYHO R WHRUHPD SRGH PHVPR DVVLP VHU DSOLFDGR

D VXEPDWUL]HV GD PDWUL] GDV SUREDELOLGDGHV GH WUDQVL}F aDR GHVGH TXH DV FRQGL}F aR HV LQLFLDLV VHMDP YHULqFDGDV

4XDQGR XP HVWDGR L SHUWHQFH D XPD FODVVH UHFRUUHQWH H DSHULxR GLFD HQWaDR OLP

Q

RQGH P

L

 ;Q U S Q U  LL

3 Q

 

Q

I LLQ

 P L

 

xH R WHPSR PxH GLR GH UHFRUUAH QFLD GR HVWDGR L 1R FDVR HP TXH R HVWDGR L SHUWHQFH

D XPD FODVVH UHFRUUHQWH SHULxR GLFD GH SHUxuRGR G  HQWaDR S PLL OLP Q   S QLL

G P L



 VH P

 Q G   Q  ,1 H

& D SxuWX OR   7 AH P S HUD 6 LP X OD G D 4XDQGR XP HVWDGR L SHUWHQFH D XPD FODVVH UHFRUUHQWH HQWaDR OLP S QLLG

~L

Q



RQGH ~ L xH D FKDPDGD S UR ED ELOLG D G H OLP LWH GR HVWDGR L 8P HVWDGR GL]VH UHFR UUHQ WH SR VLWLYR RX HUJxR G LFR VH ~ L !  RX UHFR UUHQ WH Q X OR VH ~ L



1XPD FDGHLD GH 0DUNRY LUUHGXWxuYHO WRGRV RV HVWDGRV VaDR GR PHVPR WLSR UHFRUUHQWHV

SRVLWLYRV UHFRUUHQWHV QXORV RX WUDQVLWxR ULRV H DOxH P GLVVR WAH P R PHVPR SHUxuRGR 6H RV HVWDGRV

IRUHP HP QxX PHUR qQLWR D FDGHLD QaDR SRGH WHU HVWDGRV UHFRUUHQWHV QXORV 8PD FDGHLD GH 0DUNRY FRP XP QxX PHUR qQLWR GH HVWDGRV QaDR SRGH WHU VxR HVWDGRV WUDQVLWxR ULRV

6H DOJXPDV SURSULHGDGHV GRV HVWDGRV GD FDGHLD IRUHP YHULqFDGDV R FxDOFXOR GD SUREDELOL

GDGH OLPLWH SRGH VHU VLPSOLqFDGR

7 H R U H P D   1 X P D FD G HLD G H 0 D UNR Y K R P RJxH Q HD  LUUHG X WxuYHO H D SHULxR G LFD  WRG R V R V HVWD G R V VaD R UHFR UUHQ WHV SR VLWLYR V VH H VxR VH R VLVWHP D G H HTX D }F aR HV OLQ HD UHV  3  ~M L( ~ L S LM  M 3   L( ~ L





IR U SR VVxuYHO H G HWHUP LQ D G R  & R U R OxD U LR   1 X P D FD G HLD G H 0 D UNR Y K R P RJxH Q HD  LUUHG X WxuYHO D SHULxR G LFD H FR P X P Q Xx P HUR

q Q LWR G H HVWD G R V D G LVWULEX L}F aD R G H S UR ED ELOLG D G H HVWD FLR Q xD ULD H[LVWH H xH G D G D SHOD VR OX }F aD R  ~M

OLP Q   S QLM  Xx Q LFD H HVWULWD P HQ WH SR VLWLYD  G R VLVWHP D    

w GLVWULEXL}F aDR HVWDFLRQxDULD FKDPDVH WDPExH P GLVWULEXL}F aDR LQYDULDQWH RX GH HTXLOxuEULR $

VH >~  ~  @ IRU D GLVWULEXL}F aDR LQLFLDO RX VHMD 3 ; 3 ;

Q

M

3

L(

3 ;



L S QLM

YDULxDYHLV DOHDWxR ULDV ;  ;  ; HVWULWDPHQWH HVWDFLRQxDULD

Q

3

L(

~ LS QLM



M

~M  M

~ M M

 HQWaDR

 1HVWH FDVR DV

WAH P D PHVPD GLVWULEXL}F aDR GH SUREDELOLGDGH H D FDGHLD xH

(VWHV VaDR RV UHVXOWDGRV HVVHQFLDLV SDUD WUD}F DU DV OLQKDV JHUDLV GD GHPRQVWUD}F aDR FOxDVVLFD

GD 7AH PSHUD 6LPXODGD



   0 R G HOR ? FOxD VVLFR  G D 7 AH P S HUD

 

0 R G H OR ? F OxD VVLF R  G D 7 AH P S H U D

2 PRGHOR TXH VH DSUHVHQWD IRL SURSRVWR SRU ( $DUWV >/$@ HP 6 LP X OD WHG $ Q Q HD OLQ J 7 K HR U\

D Q G $ S S OLFD WLR Q V H WHP SRU EDVH D GHVFUL}F aDR GDV WUDQVL}F aR HV DWUDYxH V GH FDGHLDV GH 0DUNRY

3URYDVH XVDQGR SURSULHGDGHV GDV FDGHLDV GH 0DUNRY TXH HP GHWHUPLQDGDV FRQGL}F aR HV R PxH WRGR FRQYHUJH SDUD XP FRQM XQWR GH VROX}F aR HV xR SWLPDV 6 R S W  6HM D ;

N

D YDULxDYHO DOHDWxR ULD TXH UHSUHVHQWD D FRQqJXUD}F aDR REWLGD DR qP GH N WUDQVL}F aR HV

'HVWH PRGR D SUREDELOLGDGH GH REWHU XPD VROX}F aDR L DSxR V N WUDQVL}F aR HV xH GDGD SRU D L N

;

U 6

D U N b  S NU Lb N

3HOD GHqQL}F aDR GH SUREDELOLGDGH GH WUDQVL}F aDR S NLMb N L 

 N 3 ;

 N

M M;

N b

L H D L N

3 ;

N

3DUD XPD WHPSHUDWXUD FRQVWDQWH D FDGHLD GH 0DUNRY FRUUHVSRQGHQWH xH KRPRJxH QHD H D

PDWUL] GH SUREDELOLGDGH GH WUDQVL}F aDR xH GDGD SRU S LM 7

 

J LM 7 D LM 7

  b 3 M6 M U  U  L J LU 7 D LU 7

L M L

M



RQGH J LM 7 VaDR DV SUREDELOLGDGHV GH JHUD}F aDR H D LM 7 VaDR DV SUREDELOLGDGHV GH DFHLWD}F aDR

(VWDV SUREDELOLGDGHV IRUPDP DV PDWUL]HV * 7 H $ 7  GH JHUD}F aDR H GH DFHLWD}F aDR UHVSHFWL YDPHQWH

3UHWHQGHVH TXH D SUREDELOLGDGH GH VH REWHU XPD VROX}F aDR xR SWLPD DSxR V XP QxX PHUR P GH

WUDQVL}F aR HV VHM D GDGD SRU

3 [ P  6 R S W





1D LPSRVVLELOLGDGH GH FDOFXODU HVWD SUREDELOLGDGH VXUJH FRPR DOWHUQDWLYD D GHPRQVWUD}F aDR GD FRQYHUJAH QFLD DVVLPSWxR WLFD LVWR xH 

OLP 3 [ N  6 R S W

N 





5HODFLRQDGR FRP R GHFUxH VFLPR GD WHPSHUDWXUD H[LVWHP GXDV IRUPXOD}F aR HV GLVWLQWDV GR

DOJRULWPR 2 DOJRULWPR KRPRJxH QHR xH GHVFULWR SRU XPD VHTXAH QFLD GH &DGHLDV GH 0DUNRY KRPRJxH QHDV FDGD XPD JHUDGD D XP QxuYHO GH WHPSHUDWXUD 2 DOJRULWPR QaDRKRPRJxH QHR xH

GHVFULWR SRU XPD Xx QLFD &DGHLD GH 0DUNRY QaDRKRPRJxH QD RQGH WHPSHUDWXUD GHFUHVFH HP FDGD WUDQVL}F aDR



& D SxuWX OR   7 AH P S HUD 6 LP X OD G D (P VHJXLGD DSUHVHQWDPVH RV DVSHFWRV PDLV LPSRUWDQWHV GD GHPRQVWUD}F aDR UHIHUHQWH DR

DOJRULWPR KRPRJxH QHR TXH VH HQFRQWUDGD QD VXD YHUVaDR LQWHJUDO HP >/$@  $ LGHLD SULQFLSDO GD GHPRQVWUD}F aDR FRQVLVWH QD LPSRVL}F aDR GH DOJXPDV FRQGL}F aR HV wDV PDWUL]HV $ 7 H * 7 GH GLPHQVaDR LQqQLWD H QD YHULqFD}F aDR GH TXH

OLP 7 N



N 



$ GLVWULEXL}F aDR HVWDFLRQxDULD xH GHqQLGD SRU XP YHFWRU HVWRFxDVWLFR FXM D LxH VLP D FRPSRQHQWH

SDUD XP HVWDGR M DUELWUxDULR xH GDGD SRU TL

OLP 3 ;

N 

LM;

N



M 



'HVWD FRQGL}F aDR UHVXOWD TXH TL

OLP 3 ;

N 

OLP D L  7 3 N 

L

N

N 



RQGH D L  xH D GLVWULEXL}F aDR GH SUREDELOLGDGH LQLFLDO H 3 xH XPD PDWUL] HVWRFxDVWLFD

$ SURYD GD FRQYHUJAH QFLD DVVHQWD HP GXDV FRQGL}F aR HV IXQGDPHQWDLV $ SULPHLUD FRQVLVWH

HP LPSAR U FRQGL}F aR HV wDV PDWUL]HV $ 7 H * 7 SDUD TXH D GLVWULEXL}F aDR HVWDFLRQxDULD T 7 H[LVWD

$ VHJXQGD FRQVLVWH HP DGDSWDU H UHqQDU HVWDV FRQGL}F aR HV SRU IRUPD D TXH FRP D GHVFLGD GH 7  D GLVWULEXL}F aDR HVWDFLRQxDULD T 7 FRQYLUM D SDUD XPD GLVWULEXL}F aDR XQLIRUPH QR FRQM XQWR GH VROX}F aR HV xR SWLPDV LVWR xH  RQGH

OLP T 7

~ 

7

~L

  M6 R S W Mb  



L  6 RSW

RXWURV FDVRV





&RPELQDQGR DV HTXD}F aR HV  H   WHPVH TXH OLP OLP 3 ;

7   N 

N

L

~ L



RQGH ~ L xH GDGR SHOD H[SUHVVaDR   $ GHPRQVWUD}F aDR HVWDUxD FRPSOHWD VH IRU JDUDQWLGD D H[LVWAH QFLD GD GLVWULEXL}F aDR HVWDFLRQxDULD H D VXD FRQYHUJAH QFLD DVVLPSWxR WLFD OLP OLP 3 [ N  6 R S W

7   N 







   0 R G HOR ? FOxD VVLFR  G D 7 AH P S HUD

  

( [ LVWAH Q F LD H & R Q Y H U J AH Q F LD G D ' LVWULE X L}F aD R ( VWD F LR Q xD ULD

$ GLVWULEXL}F aDR HVWDFLRQxDULD GH XPD FDGHLD GH 0DUNRY H[LVWH VH HVWD IRU qQLWD KRPRJxH QHD

LUUHGXWxuYHO H DSHULxR GLFD 3DUD DOxH P GH FRLQFLGLU FRP D GLVWULEXL}F aDR OLPLWH SRGH WDPExH P VHU GHWHUPLQDGD SHOR VHJXLQWH VLVWHPD

 L  TL FXM D VROX}F aDR xH Xx QLFD

; M

T M S ML H

; L

TL





(P UHOD}F aDR DRV DOJRULWPRV HVWDV SURSULHGDGHV WUDGX]HPVH GR VHJXLQWH PRGR

q R IDFWR GD FDGHLD VHU LUUHGXWxuYHO JDUDQWH TXH H[LVWH XPD SUREDELOLGDGH SRVLWLYD GH

SDUWLQGR GH TXDOTXHU VROX}F aDR TXDOTXHU RXWUD SRGHU VHU REWLGD QXP QxX PHUR qQLWR GH WUDQVL}F aR HV

q R IDFWR GD FDGHLD VHU DSHULxR GLFD JDUDQWH TXH SDUWLQGR GH XPD TXDOTXHU VROX}F aDR H[LVWH XPD SUREDELOLGDGH SRVLWLYD GH YROWDU D HVVD VROX}F aDR QXP QxX PHUR qQLWR GH WUDQVL}F aR HV

6H  LM7 ! 



D LM 7 !  xH D GLVWULEXL}F aDR HVWDFLRQxDULD HQWaDR J LM 7 WDPExH P xH

HVWDFLRQxDULD )RUPDOPHQWH  LM  6  U  U  U S  6 RQGH U  J U N U N   7 ! N

S b 

L H US

M WDO TXH



x VXqFLHQWH SDUD TXH D FDGHLD GH 0DUNRY VHM D DSHULxR GLFD >569@  TXH D VHJXLQWH UHOD}F aDR (

VHMD YHULqFDGD

 7 !   LU M U  6  D LU M U   A J LU M U ! 



1D IRUPXOD}F aDR RULJLQDO GD 7AH PSHUD 6LPXODGD >.*9 &‡H U@  D SUREDELOLGDGH GH DFHLWD}F aDR

xH GDGD SRU D LM 7

PLQI H[S b s 7 J  $ H[SUHVVaDR  FRQWLQXD D VHU VDWLVIHLWD SDUD

WRGR 7 !  L  6 R S W H M  6 R S W 

$ GHPRQVWUD}F aDR IHLWD SRU 5RPHR H 6DQJLRYDQQL9LQFHQWHOOL >569@ xH EDVHDGD QR IDFWR

GH TXH SDUD TXDOTXHU VROX}F aDR V L  6 D LxH VLP D FRPSRQHQWH GD GLVWULEXL}F aDR HVWDFLRQxDULD VHU GDGD SRU

T L 7

3

l V L7  M l I V M 7



RQGH l p 7 xH XPD IXQ}F aDR TXH VDWLVID] DV FRQGL}F aR HV

 V L  6 7 !   l V LW !  



& D SxuWX OR   7 AH P S HUD 6 LP X OD G D H

M6 M ; L  L M

l V L7 J LM 7 D LM 7

3DUD JDUDQWLU TXH OLP 7   T 7 l p 7 

l V L7

M6 M ; L  L M

J LM 7 D LM 7 



~  VaDR VXqFLHQWHV DV VHJXLQWHV UHVWUL}F aR HV VREUH D IXQ}F aDR OLP l p 7

7

l p  7 l p  7

H

    

p ! 



p  

l p  b p  7 

 7 !   l 7







x GLIxuFLO FRQVWUXLU XPD IRUPD H[SOxuFLWD SDUD D GLVWULEXL}F aDR HVWDFLRQxDULD XVDQGR DV HTXD}F aR HV (

 ^   3RU HVWD UD]aDR XP JUDQGH QxX PHUR GH DXWRUHV HVFROKH D IXQ}F aDR l p 7  TXH

WUDGX] GH XPD IRUPD H[SOxuFLWD DV FRQGL}F aR HV GH H[LVWAH QFLD SDUD RV YHFWRUHV T 7 FRP XP QxX PHUR PHQRU GH UHVWUL}F aR HV VREUH DV PDWUL]HV $ 7 H * 7  $OJXQV DXWRUHV FRPR $DUWV

9DQ /DDUKRYHQ /XQG\ H 0HVV IRUPXODP HVWD HVFROKD VXEVWLWXLQGR l I M b I R S W 7 SRU D L L 7   L  6 R S W H * 7 LQGHSHQGHQWH GH 7 

‡ 1D IRUPXOD}F aDR RULJLQDO SURSRVWD SRU .LUNSDWULFN H &HUQ\ >.*9@  D FDGHLD GH 0DUNRY

DVVRFLDGD D $ 7 H * 7 xH LUUHGXWxuYHO DSHULxR GLFD H D GLVWULEXL}F aDR HVWDFLRQxDULD xH GDGD SRU T L 7

H[S b I L b I R S W 7  M6 H[S b I M b I R S W 7

3



$V FRQGL}F aR HV TXH IRUDP VHQGR LPSRVWDV VaDR DSHQDV VXqFLHQWHV ([LVWHP IRUPXOD}F aR HV

SDUD D DFHLWD}F aDR H D JHUD}F aDR TXH QaDR VDWLVID]HP HVWDV FRQGL}F aR HV H QR HQWDQWR D GLVWULEXL}F aDR HVWDFLRQxDULD DLQGD H[LVWH FRPR QR H[HPSOR SURSRVWR SRU $DUWV H .URVW >/$@  RQGH D PDWUL] GH DFHLWD}F aDR xH GDGD SRU

D LM 7

w



H[S b I L b I R S W 7

xb



H QaDR VDWLVID] D SULPHLUD QHP D VHJXQGD FRQGL}F aR HV PDV FRQGX] wD GLVWULEXL}F aDR HVWDFLRQxDULD GDGD SHOD HTXD}F aDR   

$V OLQKDV JHUDLV GD GHPRQVWUD}F aDR QR FDVR GR DOJRULWPR KRPRJxH QHR IRUDP WUD}F DGDV

4XDQWR DR DOJRULWPR QaDR KRPRJxH QHR VaDR LPSRVWDV FRQGL}F aR HV VHPHOKDQWHV DR FDVR DQWHULRU

H DOxH P GLVVR VRE FHUWDV FRQGL}F aR HV LPSRVWDV wD PDWUL] $ 7 N  D UD]aDR GH FRQYHUJAH QFLD GD VHTXAH QFLD I 7 N J QaDR GHYHU VHU PDLRU TXH 2 MORJ N Mb M  

   $ X WxR P D WR V ( VWR FxD VWLFR V $ FDGHLD GH 0DUNRY QaDR^KRPRJxH QHD xH GHqQLGD SRU S NLMN   7

 

 b

J LM 7 N D LM 7 N

3 M6 M U

 U  L J LU 7 N D LU 7 N

$V UHVWUL}F aR HV VaDR DJRUD LPSRVWDV VREUH D VXFHVVaDR I 7 N J  N WHPSHUDWXUD GHYHP REHGHFHU wDV GXDV FRQGL}F aR HV OLP 7 N

N 

H

7 N w 7 N  N

L M L

M





 RQGH RV YDORUHV GD

 

1aDR xH H[FOXxuGD D KLSxR WHVH GH 7 N VH PDQWHU FRQVWDQWH GXUDQWH XP GHWHUPLQDGR QxX PHUR GH

WUDQVL}F aR HV VHQGR TXH D FDGHLD GH 0DUNRY xH KRPRJxH QHD GH GLPHQVaDR qQLWD $ GHPRQVWUD}F aDR GHVWHV UHVXOWDGRV IRUDP DSUHVHQWDGDV SRU 3 /DDUKRYHQ H ( $DUWV >/$@ 

 

$ X WxR P D WR V ( VWR F xD VWLF R V

2 FRQFHLWR GH $XWxR PDWR (VWRFxDVWLFR VXUJLX QD GxH FDGD GH VHVVHQWD QR ADPELWR GR &RQWUROR $GDSWDWLYR H SRVWHULRUPHQWH IRLVH HVWHQGHQGR D RXWUDV xDUHDV HQWUH DV TXDLV D 2SWLPL]D}F aDR &RPELQDWxR ULD >6/@ 

' H q Q L}F aD R   8 P D X WxR P D WR HVWRFxD VWLFR xH G Hq Q LG R SR U X P VAH [WX S OR I < $ ; ~ { D  J R Q G H < xH R FR Q MX Q WR G H HQ WUD G D  $ ;

I D  D  D V J xH R FR Q MX Q WR G H HVWD G R V LQ WHUQ R V

I [  [  [ E J xH R FR Q MX Q WR G H VDxuG D  ~ xH X P D D S OLFD }F aD R ~  $ d <



$ TX H

UHS UHVHQ WD R HVWD G R G R D X WxR P D WR SD UD FD G D HVWD G R LQ WHUQ R H HQ WUD G D  { xH X P D D S OLFD }F aD R {  $ d <



; TX H xH D D F}F aD R D VVRFLD G D D FD G D HVWD G R LQ WHUQ R H HQ WUD G D  H D  xH R HVWD G R

LQ LFLD O G R D X WxR P D WR 

8P SUREOHPD GH RSWLPL]D}F aDR SRGH VHU LQWHUSUHWDGR FRPR XPD HVWUXWXUD PDLRU RQGH XP

DOJRULWPR HVWRFxDVWLFR RSHUD &RPR HQWUDGD WHPVH XP YHFWRU GH SDUADPHWURV [  GLVFUHWRV

H GHqQLGRV QR GRPxuQLR 6 GRV RE MHFWRV FRPELQDWxR ULRV H wD VDxuGD WHPVH XP YDORU GDGR SRU XPD IXQ}F aDR HVFDODU I [ 



& D SxuWX OR   7 AH P S HUD 6 LP X OD G D 1D WHRULD JHUDO GH DXWxR PDWRV FRP FDSDFLGDGH GH DSUHQGL]DJHP D IXQ}F aDR I QaDR xH QHFHV

VDULDPHQWH FRQKHFLGD VHQGR R SUREOHPD GHqQLGR FRPR D SURFXUD GH XP YDORU H[WUHPR HP 6 

(VWH SUREOHPD xH LGAH QWLFR wD IRUPXOD}F aDR GH XP SUREOHPD GH 2SWLPL]D}F aDR &RPELQDWxR ULD FRP D VHJXLQWH GLIHUHQ}F D D IXQ}F aDR I xH GHqQLGD DSHQDV SHODV VXDV UHDOL]D}F aR HV QR SULPHLUR FDVR H xH

GHqQLGD DQDOLWLFDPHQWH QR VHJXQGR 1R HQWDQWR HP DPERV RV FDVRV SUHWHQGHVH LGHQWLqFDU XPD VROX}F aDR xR SWLPD [ e

4XDQGR D IRUPXOD}F aDR DQDOxuWLFD GD IXQ}F aDR QaDR xH FRQKHFLGD R SUREOHPD SRGH VHU UHVROYLGR

SRU XPD GDV VHJXLQWHV WxH FQLFDV

q SRU LGHQWLqFD}F aDR GD IXQ}F aDR RE MHFWLYR H UHVROYHQGR R FRUUHVSRQGHQWH SUREOHPD GH 3UR JUDPD}F aDR ,QWHLUD

q SRU SHVTXLVD VREUH XP FRQMXQWR GH HVWDGRV I [  [  J IRUPDGR SHOD VXFHVVLYD H[HFX}F aDR GR DOJRULWPR JDUDQWLQGR HP VHJXLGD TXH RV HVWDGRV FRQYHUJHP SDUD XP HVWDGR xR SWLPR [ e

q SRU FRPELQD}F aDR GDV GXDV WxH FQLFDV DQWHULRUHV 2 PxH WRGR TXH UHVXOWD FKDPDVH 0xH WRGR GH ([WUDSROD}F aDR

4XDQGR D IXQ}F aDR RE M HFWLYR xH FRQKHFLGD R FRQMXQWR GH DOWHUQDWLYDV xH TXDVH R PHVPR

&RQVLGHUHVH HQWaDR D VHJXQGD DOWHUQDWLYD D WxH FQLFD GH SHVTXLVD

8PD HVWUDWxH JLD HVWRFxDVWLFD GHVWLQDGD D HQFRQWUDU XP YDORU xR SWLPR SRGH VHU FRQVLGHUDGD

FRPR XP DXWxR PDWR HVWRFxDVWLFR TXH QR SDVVR Q GR SURFHVVR GH SHVTXLVD xH FDUDFWHUL]DGR SHOD DQxDOLVH GRV YDORUHV GD IXQ}F aDR RE M HFWLYR SDUD RV HVWDGRV [ Q [ Q [ NQ  VHOHFFLRQDGRV DOHDWRUL

DPHQWH GD YL]LQKDQ}F D GR HVWDGR [ Q b GH DFRUGR FRP XP FHUWR FULWxH ULR $VVLP D LQIRUPD}F aDR UHFROKLGD xH XVDGD SDUD SURGX]LU XP QRYR HVWDGR GR VLVWHPD FRP EDVH QR DQWHULRU LVWR xH  [Q



* 0

Q

[ Q [ Q [ NQ  RQGH 0

Q

xH R YHFWRU PHPxR ULD TXH GHVFUHYH D KLVWxR ULD GD SHVTXLVD

H * xH XPD IXQ}F aDR TXH GHVFUHYH R IXQFLRQDPHQWR GR DXWxR PDWR 6H 0 HQWaDR R DOJRULWPR GH SHVTXLVD xH VHP PHPxR ULD

  

Q

 SDUD TXDOTXHU Q 

& OD VVLq F D }F aD R G R V $ X WxR P D WR V ( VWR F xD VWLF R V

3DUWLQGR GD GHqQL}F aDR   SRGH VHU REVHUYDGR XP FRQM XQWR GH SURSULHGDGHV 3 U R S U LH G D G H   6 H D P ED V D V D S OLFD }F aR HV IR UHP G HWHUP LQ LVWD V R D X WxR P D WR UHVX OWD Q WH xH G H WHUP LQ LVWD 



   $ X WxR P D WR V ( VWR FxD VWLFR V 3 U R S U LH G D G H   6 H X P D G HVWD V D S OLFD }F aR HV R X D P ED V IR UHP HVWRFxD VWLFD V HQ WaD R R D X WxR P D WR

xH HVWRFxD VWLFR 

'HVWD Xx OWLPD SURSULHGDGH UHVXOWD XPD FODVVLqFD}F aDR SDUD RV DXWxR PDWRV VHJXQGR DV FDUDF

WHUxuVWLFDV GDV DSOLFD}F aR HV TXH HVWaDR HQYROYLGDV 8P DXWxR PDWR FRP DSOLFD}F aR HV { GHWHUPLQLVWD H

~ HVWRFxDVWLFR xH FRQKHFLGR FRPR WLSR ^* 8P DXWxR PDWR WLSR ^+ WHP XPD DSOLFD}F aDR HVWRFxDVWLFD { H XPD DSOLFD}F aDR GHWHUPLQLVWD ~  4XDQGR DPEDV DV DSOLFD}F aR HV VaDR HVWRFxDVWLFDV R DXWxR PDWR

xH WLSR ^*+ RX VLPSOHVPHQWH DXWxR PDWR HVWRFxDVWLFR 6H D DSOLFD}F aDR HVWRFxDVWLFD {  $



; xH LQGHSHQGHQWH GD DF}F aDR <  HQWaDR R DXWxR PDWR xH

FKDPDGR 7LSR*+   2 WLSR GH HQWUDGD GHqQH PDLV DOJXPDV FDUDFWHUxuVWLFDV 8P DXWxR PDWR

FRP IXQ}F aDR GH HQWUDGD ELQxDULD xH 0RGHOR^3 VH D HQWUDGD xH XPD FROHF}F aDR qQLWD GH REM HFWRV R DXWxR PDWR xH GHQRPLQDGR 0RGHOR^4 VH D HQWUDGD xH XP LQWHUYDOR >@  HQWaDR R DXWxR PDWR xH 0RGHOR^6

$ RSWLPL]D}F aDR GH XPD IXQ}F aDR SRGH VHU LQWHUSUHWDGD FRPR XP SUREOHPD 0RGHOR^6 TXH

SRGH VHU UHVROYLGR SRU DOJRULWPRV GHVHQYROYLGRV SDUD SUREOHPDV 0RGHOR^3 VH D IXQ}F aDR RE M HFWLYR IRU OLPLWDGD

3RU Xx OWLPR VH DV PDWUL]HV GH WUDQVL}F aDR >~ QLM \ @ H GH DF}F aDR >{ LN Q \ @ IRUHP LQYDULDQWHV QR

WHPSR HQWaDR R DXWxR PDWR WHP XPD HVWUXWXUD FRQVWDQWH &DVR FRQWUxDULR R DXWxR PDWR WHP XPD HVWUXWXUD YDULxDYHO

  

$ X WxR P D WR V ( VWR F xD VWLF R V 0 R G H OR V 3 H 6

3DUD XP DXWxR PDWR 0RGHOR3 D YDULxDYHO GH HQWUDGD \ SRGH WRPDU VRPHQWH GRLV YDORUHV  H  $VVLP s N N H

I M b I L UHSUHVHQWD D GLIHUHQ}F D GR YDORU GD IXQ}F aDR RE MHFWLYR QD WUDQVL}F aDR \

    

sN  

s N !  SHQDOL]D}F aDR 

$V DOWHUD}F aR HV GH HVWDGRV QR DXWxR PDWR FRPR UHVSRVWD wD HQWUDGD <  VaDR GHVFULWDV SHOD

PDWUL] GH WUDQVL}F aDR 1R FDVR GH XP DXWxR PDWR GHWHUPLQLVWD FDGD OLQKD xH FRPSRVWD DSHQDV SRU XP HOHPHQWR LJXDO D  H RV UHVWDQWHV LJXDLV D  $ PDWUL] GH WUDQVL}F aDR GH XP DXWxR PDWR

HVWRFxDVWLFR xH D SUREDELOLGDGH GD WUDQVL}F aDR GR HVWDGR L SDUD R HVWDGR M FRPR UHVSRVWD D XP YDORU GD YDULxDYHO GH HQWUDGD <  2 DXWxR PDWR GHWHUPLQLVWD xH XP FDVR SDUWLFXODU GH XP DXWxR PDWR HVWRFxDVWLFR



& D SxuWX OR   7 AH P S HUD 6 LP X OD G D $ SUREDELOLGDGH GH JHUDU XPD SHQDOL]D}F aDR FRPR UHVXOWDGR GH XPD DF}F aDR [ L xH GHQRWDGD

SRU F L L

 U H FKDPDGD SUREDELOLGDGH GH SHQDOL]D}F aDR $VVLP D SUREDELOLGDGH GH

WUDQVL}F aDR S LM  GR HVWDGR D L SDUD R HVWDGR D M  GH XP DXWxR PDWR 0RGHOR3 xH GDGD SRU S LM

F L S LM    b F L S LM  

$ PDWUL] GH WUDQVL}F aDR FRPSRVWD SHORV S LM xH HVWRFxDVWLFD H SRGH VHU UHSUHVHQWDGD DWUDYxH V GH XPD FDGHLD GH 0DUNRY

6H HVWD FDGHLD IRU HUJxR GLFD DV SUREDELOLGDGHV GH HTXLOxuEULR RX HVWDFLRQxDULDV VaDR FDOFXODGDV

UHVROYHQGR R VHJXLQWH VLVWHPD

 

Z3

 3V

6H J N  N

L 

Z

Z L







U xH D SUREDELOLGDGH GD DF}F aDR [ N GR DXWxR PDWR H * xH R YHFWRU FRP

SRVWR SHODV SUREDELOLGDGHV GH DF}F aDR GH WRGRV RV HVWDGRV HQWaDR D HVSHUDQ}F D PDWHPxDWLFD GDV SHQDOL]D}F aR HV xH GDGD SRU

;E

( * &

L 

J LF L

6H DV DF}F aR HV VaDR WRPDGDV DOHDWRULDPHQWH FRP LJXDO SUREDELOLGDGH HQWaDR D HVSHUDQ}F D

PDWHPxDWLFD xH GDGD SRU

(  * &

 ;E F L E L 

6H ( * &  (  * &  HQWaDR R DXWxR PDWR xH H[SHGLWR 6H D PxH GLD GH SHUGD xH PxuQLPD

HQWaDR R DXWxR PDWR xH xR SWLPR

( * &

F e F e

PLQ I F LJ  L

6H D PxH GLD GH SHUGD xH OLPLWDGD SRU F e  t RQGH t !  ( * &

xH txR SWLPR

F e  t HQWaDR R DXWxR PDWR

8P DXWxR PDWR HVWRFxDVWLFR FXM DV SUREDELOLGDGHV GH DF}F aDR PXGDP FRP R WHPSR xH DEVROX

WDPHQWH H[SHGLWR VH D PxH GLD VDWLVq]HU D VHJXLQWH FRQGL}F aDR ( * Q   &  ( * Q & Q



8P DXWxR PDWR HVWRFxDVWLFR xH DVVLPSWRWLFDPHQWH xR SWLPR VH OLP ( * Q &

Q  



F e

   $ X WxR P D WR V ( VWR FxD VWLFR V 2V D OJR ULWP R V D X WxR P D WR V VaDR XVDGRV QR FRQWUROR DGDSWDWLYR H EDVHDGRV QD FRQGL}F aDR GH TXH

DV SUREDELOLGDGHV GR SURFHVVR QaDR VaDR FRQKHFLGDV D S ULR UL 8P FRQKHFLPHQWR DQWHFLSDGR GDV SUREDELOLGDGHV GH SHQDOL]D}F aDR F  F  F E SHUPLWH FRQVWUXLU XP DXWxR PDWR WHQGR VRPHQWH HVWDGRV H DF}F aR HV FRP XPD SUREDELOLGDGH PxD[LPD GH SHQDOL]D}F aDR F P

D[ 

(VWD FRQVLGHUD}F aDR

xH PXLWR LQWHUHVVDQWH SDUD SUREOHPDV GH RSWLPL]D}F aDR FXMD IXQ}F aDR REM HFWLYR xH EHP GHqQLGD

8P SUREOHPD GH PLQLPL]D}F aDR GH XPD IXQ}F aDR I SRGH VHU GHVFULWR FRQYHQLHQWHPHQWH SRU XP DXWxR PDWR 7LSR6 &RPR YLPRV DQWHULRUPHQWH SUREOHPDV 0RGHOR6 SRGHP VHU UHVROYLGRV SRU PxH WRGRV GHVHQYROYLGRV SDUD SUREOHPDV 0RGHOR3 VH D IXQ}F aDR REM HFWLYR IRU OLPLWDGD

2V DOJRULWPRV EDVHDGRV HP 0xH WRGRV FRP &DSDFLGDGH GH 7ROHUADQFLD JHUDP XP FRQM XQWR GH

VROX}F aR HV FRP D SDUWLFXODULGDGH GH DFHLWDU DOJXPDV FXM R YDORU GD IXQ}F aDR REM HFWLYR xH VXSHULRU DR YDORU GD VROX}F aDR FRUUHQWH $ GHFLVaDR GH ?VXELU xH EDVHDGD QXP GHWHUPLQDGR FULWxH ULR HVWRFxDVWLFR $ TXHVWaDR IXOFUDO xH VDEHU VH HVWHV PxH WRGRV SRGHP VHU GHVFULWRV SRU XP DXWxR PDWR H TXH WLSR GH DXWxR PDWR HVWH PxH WRGR UHSUHVHQWD

7 H R U H P D   8 P 0 xH WRG R FR P & D SD FLG D G H G H 7 R OHUAD Q FLD xH X P D X WxR P D WR HVWRFxD VWLFR 7 LSR  * + 0 RG HOR 6 FR P HVWUX WX UD YD ULxD YHO ' H P R Q VWU D }F aD R 

I D  D  D 1 J DV VROX}F aR HV

7RPDPVH FRPR HVWDGRV LQWHUQRV GR DXWxR PDWR $

GR SUREOHPD GH RSWLPL]D}F aDR 2 FRQMXQWR GH DF}F aR HV [ L  FRQWLGR HP $  xH GHWHUPLQDGR SHOR FRQM XQWR GH YL]LQKRV GH FDGD VROX}F aDR D L  $ DSOLFD}F aDR ~ SURGX] R HVWDGR DVVRFLDGR D FDGD HQWUDGD H HVWDGR DQWHULRU (VWD DSOLFD}F aDR xH GHqQLGD SRU GXDV PDWUL]HV q 3 q 3

>S LM @ xH FRQVWLWXxuGD SHODV SUREDELOLGDGHV GH WUDQVL}F aDR GR HVWDGR L SDUD M TXDQGR s N „  >S LM @ xH FRQVWLWXxuGD SHODV SUREDELOLGDGHV GH WUDQVL}F aDR TXDQGR s N ! 

'H DFRUGR FRP D GHVFUL}F aDR GH XP 0xH WRGR FRP &DSDFLGDGH GH 7ROHUADQFLD H SHOD GHqQL}F aDR GH

DXWxR PDWR FDGD HOHPHQWR GD OLQKD L GD PDWUL] 3  xH GDGR SRU    M $L M$ L M S LM    M  $ L $ PDWUL] 3  xH GHqQLGD GD VHJXLQWH IRUPD  3 DFHLWDU M ! ! M$ L M  3 M$ L M 3 DFHLWDU P S LM b P  P  L M$ L M ! !  





M  $ L L  M L

M

M  $





L

$ SULPHLUD PDWUL] 3  xH GHWHUPLQLVWD H D VHJXQGD 3  xH HVWRFxDVWLFD D SUREDELOLGDGH 3 DFHLWDU M xH

GDGD SHOD GHFLVaDR GH DFHLWDU RX QaDR WUDQVL}F aR HV GH ?VXELGD  $VVLP D DSOLFD}F aDR ~ xH HVWRFxDVWLFD



& D SxuWX OR   7 AH P S HUD 6 LP X OD G D $ DF}F aDR [ L FRQVLVWH QD VHOHF}F aDR GH XPD VROX}F aDR QD YL]LQKDQ}F D GD VROX}F aDR FRUUHQWH L $ DSOLFD}F aDR

{  D DF}F aDR DVVRFLDGD D FDGD HVWDGR H HQWUDGD xH WDPExH P HVWRFxDVWLFD XPD YH] TXH DV VXFHVVLYDV DF}F aR HV

VaDR JHUDGDV DOHDWRULDPHQWH GH DFRUGR FRP XPD OHL XQLIRUPH QD YL]LQKDQ}F D GRV HVWDGRV &RPR R

SDUADPHWUR 7 YDULD FRP R WHPSR DVVLP XP 0xH WRGR FRP &DSDFLGDGH GH 7ROHUADQFLD WHP XPD HVWUXWXUD

YDULxDYHO

$V FDGHLDV GH 0DUNRY VaDR XWLOL]DGDV SDUD HVWXGDU D FRQYHUJAH QFLD GR DXWxR PDWR HVWRFxDVWLFR

0RGHOR*+

7 H R U H P D   $ FD G HLD G H 0 D UNR Y LQ G X ]LG D SR U X P 0 xH WRG R FR P & D SD FLG D G H G H 7 R OHUAD Q FLD  FR P WHP SHUD WX UD FR Q VWD Q WH Q X P HVSD }F R q Q LWR G H R EMHFWR V FR P ELQ D WxR ULR V xH HUJxR G LFD  ' H P R Q VWU D }F aD R 

3DUD SURYDU HVWH WHRUHPD xH QHFHVVxDULR PRVWUDU TXH D FDGHLD GH 0DUNRY xH LUUH

GXWxuYHO DSHULxR GLFD H SHUVLVWHQWH SRVLWLYD UHFRUUHQWH SRVLWLYD >)HO 9ROXPH ,@ 

8PD FDGHLD GH 0DUNRY xH LUUHGXWxuYHO VH H VxR VH WRGRV RV HVWDGRV FRPXQLFDUHP S QLM !  H S PM L ! 

SDUD WRGRV RV HVWDGRV  $GPLWLQGR TXH R HVSD}F R GH RE MHFWRV FRPELQDWxR ULRV WHP XPD PxH WULFD qQLWD

RX VHMD D GLVWADQFLD HQWUH TXDOTXHU SDU GH VROX}F aR HV xH qQLWD H SRVLWLYD H VH XP PxH WRGR FRP FDSDFLGDGH GH WROHUADQFLD VDWLVq]HU DV GXDV FRQGL}F aR HV VHJXLQWHV

q R SURFHGLPHQWR GH JHUD}F aDR xH GHqQLGR GH WDO IRUPD TXH JHUD WRGDV DV VROX}F aR HV TXH SHUWHQFHP D XPD HVIHUD GH UDLR 

 FRP SUREDELOLGDGH XQLIRUPH

q D IXQ}F aDR J s N 7 xH WDO TXH D WUDQVL}F aDR GH RUGHP N  GR HVWDGR L SDUD R VHX YL]LQKR M RFRUUH FRP SUREDELOLGDGH S LM ! 

(QWaDR H[LVWH XP QxX PHUR PxuQLPR GH WUDQVL}F aR HV HQWUH GRLV HVWDGRV FRQVHFXWLYRV Q

 LM

 ML !

 WRGRV RV HVWDGRV FRPXQLFDP H D FDGHLD GL]VH LUUHGXWxuYHO 1XPD FDGHLD GH 0DUNRY LUUHGXWxuYHO H qQLWD WRGRV RV HVWDGRV VaDR UHFRUUHQWHV &RPR WRGRV RV HVWDGRV FRPXQLFDP HOHV VaDR GR PHVPR WLSR $VVLP SDUD SURYDU TXH D FDGHLD xH DSHULxR GLFD EDVWD ID]AH OR SDUD XP HVWDGR 6HMD V L D VROX}F aDR

WDO TXH I V M  I V L  SDUD TXDOTXHU V M H D SUREDELOLGDGH S LL !  GH DFRUGR FRP D IXQ}F aDR J  2 P G FI Q  S LL ! J Q



 VHQGR D FDGHLD GH 0DUNRY DSHULxR GLFD



$ GLVWULEXL}F aDR HVWDFLRQxDULD GD FDGHLD GH 0DUNRY SRGH VHU HQFRQWUDGD UHVROYHQGR R VLVWHPD

OLQHDU DSUHVHQWDGR HP    2XWURV PxH WRGRV SURSRVWRV SDUD UHVROYHU SUREOHPDV GH RSWL PL]D}F aDR FRPELQDWxR ULRV SHUWHQFHP D HVWD FODVVH GRV DXWxR PDWRV HVWRFxDVWLFRV 7LSR*+ 0RGHOR 6

$ TXHVWaDR IXOFUDO xH VDEHU FRPR VH WUDQVIRUPD HVWH DXWxR PDWR QXP DXWxR PDWR DVVLPSWRWLFD

PHQWH xR SWLPR LVWR xH  FRPR REWHU D FRQYHUJAH QFLD FRP SUREDELOLGDGH XQLWxDULD SDUD XP FRQM XQWR GH VROX}F aR HV xR SWLPDV JOREDLV $V DOWHUD}F aR HV QR 0xH WRGR FRP &DSDFLGDGH GH 7ROHUADQFLD WHUaDR 

   & R P S R UWD P HQ WR $ VVLP S WxR WLFR G D V 7 UD Q VL}F aR HV GH VHU HIHFWXDGDV QD IXQ}F aDR J TXH DJRUD VHUxD GHqQLGD GH DFRUGR FRP R FULWxH ULR HVWRFxDVWLFR

RULJLQDO 2 GHFUxH VFLPR GR SDUADPHWUR 7 WHUxD TXH REHGHFHU D XPD IXQ}F aDR TXH SHUPLWD wD 7AH PSHUD 6LPXODGD WHU FRQGL}F aR HV SUxR [LPDV GDV H[LJLGDV SDUD D FRQYHUJAH QFLD

$ 7AH PSHUD 6LPXODGD xH HIHFWLYDPHQWH XP DXWxR PDWR HVWRFxDVWLFR DVVLPSWRWLFDPHQWH xR SWLPR

7LSR*+

7 H R U H P D   $ 7 AH P SHUD 6 LP X OD G D xH X P D X WxR P D WR HVWRFxD VWLFR 7 LSR * + 0 RG HOR 6 FR P HV WUX WX UD YD ULxD YHO ' H P R Q VWU D }F aD R 

&DVR SDUWLFXODU GH XP 0xH WRGR FRP &DSDFLGDGH GH 7ROHUADQFLD



7 H R U H P D    $ 7 AH P SHUD 6 LP X OD G D xH X P D X WxR P D WR HVWRFxD VWLFR D VVLP S WR WLFD P HQ WH xR S WLP R 7 LSR * + 0 RG HOR 6 FR P HVWUX WX UD YD ULxD YHO ' H P R Q VWU D }F aD R 

$ GHPRQVWUD}F aDR GH FRQYHUJAH QFLD UHVXOWD GD GHPRQVWUD}F aDR DQWHULRU H GD GHqQL}F aDR

GH DXWxR PDWR DVVLPSWRWLFDPHQWH xR SWLPR

$ GHPRQVWUD}F aDR VHJXLQWH XVD DSHQDV XPD GHVFUL}F aDR DGHTXDGD GDV WUDQVL}F aR HV DWUDYxH V GH

FRQFHLWRV GH 7HRULD GDV 3UREDELOLGDGHV

 

& R P S R U WD P H Q WR $ VVLP S WxR WLF R G D V 7 U D Q VL}F aR H V

$ SURYD GH FRQYHUJAH QFLD TXH VH VHJXH xH EDVHDGD QD IRUPD FRPR HYROXHP DV WUDQVL}F aR HV QR

PxH WRGR GH 7AH PSHUD 6LPXODGD 'H XPD VROX}F aDR V L R PHFDQLVPR GH WUDQVL}F aDR JHUD XPD QRYD VROX}F aDR V M  9 V L  &DGD WUDQVL}F aDR HVWxD GHSHQGHQWH GH WUAH V SRVVxuYHLV GHFLVaR HV UHODWLYDV wD DFHLWD}F aDR RX UHM HL}F aDR GD QRYD VROX}F aDR FRQGLFLRQDGDV SHOR YDORU GD WUDQVL}F aDR s

I V M b I V L 

SRU XP SDUADPHWUR 7 H SRU XP FULWxH ULR HVWRFxDVWLFR 'HVWH PRGR XPD VROX}F aDR V M xH DFHLWH $

VH s   $ VROX}F aDR xH DFHLWH FRQGLFLRQDOPHQWH $ F VH s w  H H[S b s 7 w p  RQGH p xH HVFROKLGR DOHDWRULDPHQWH QR FRQM XQWR

p  >H[S b s P H sP

D[

D[

7 @

xH R PDLRU YDORU GR FRQMXQWR d $ VROX}F aDR V M xH UHM HLWDGD 5 VH s w  H H[S b s 7  p  

& D SxuWX OR   7 AH P S HUD 6 LP X OD G D

$

 p

$

5 F

$

s

7

 p

$

5 F

7L

s

$



5 7



s

)LJXUD  &ULWxH ULR GH DFHLWD}F aDRUHM HL}F aDR SDUD DOJXQV YDORUHV GH 7 2 DOJRULWPR SRGH VHU GHVFULWR SHODV GLIHUHQWHV GHFLVaR HV UHODWLYDV wDV WUDQVL}F aR HV D XP GH

WHUPLQDGR QxuYHO GH WHPSHUDWXUD 7  (VWDV GHFLVaR HV SRGHP VHU DJUXSDGDV HP VXFHVVaR HV GH VxuPERORV FRPSRVWDV SHODV FRUUHVSRQGHQWHV GHFLVaR HV I $ $ F 5 J  GR WLSR '

$ $ $ $ F 5 5 $ F $ $ $ 5 $ F $ 5 $ $ F 

7

'HVWD IRUPDVH XPD VXFHVVaDR I '

7NJ

GH VXFHVVaR HV UHODWLYDV D FDGD YDORU GD WHPSHUDWXUD

3UHWHQGHVH GHPRQVWUDU TXH TXDQGR 7 VH DSUR[LPDU GH ]HUR H IRU JHUDGR XP QxX PHUR

LQqQLWR GH VROX}F aR HV R FXVWR GDV VROX}F aR HV VH DSUR[LPD GR FXVWR GD VROX}F aDR xR SWLPD

3HOD DQxDOLVH GD qJXUD   REVHUYDVH TXH TXDQGR 7   R DOJRULWPR DSHQDV DFHLWD RX

UHM HLWD XPD YH] TXH GDGR s w  R OLP 7   H[S b s 7

 RX VHM D D DFHLWD}F aDR FRQGLFLRQDGD

WHP SUREDELOLGDGH QXOD H D UHMHL}F aDR WHP SUREDELOLGDGH WRWDO 'HVWH PRGR H FRPR R QxX PHUR GH WUDQVL}F aR HV xH LQqQLWR D VROX}F aDR xR SWLPD xH LGHQWLqFDGD

7 H R U H P D    2 FX VWR G D V VR OX }F aR HV D S UR [LP D VH G R FX VWR xR S WLP R TX D Q G R D WHP SHUD WX UD VH D S UR [LP D G H ]HUR H X P Q Xx P HUR LQ q Q LWR G H WUD Q VL}F aR HV xH JHUD G R  LVWR xH   t  ,5 ' H P R Q VWU D }F aD R 

6HMD I V

OLP OLP 3 MI V b I V e M  t

Q 7 



I V Q 7 R FXVWR GD VROX}F aDR V Q 7 REWLGD DR qP GH Q WUDQVL}F aR HV SDUD

XP YDORU 7  RQGH I V Q 7 xH R FXVWR GD VROX}F aDR V Q GHqQLGR QXP YDORU 7  6HMD ; DOHDWxR ULD GHqQLGD SRU I V Q 7 H N $V SRVVxuYHLV VHTXAH QFLDV '

7

' H

I V f R YDORU xR SWLPR

Q 7

XPD YDULxDYHO

 TXH FRQGX]HP wD VROX}F aDR V Q 7  SRGHP VHU DJUXSDGDV GD VHJXLQWH IRUPD  7

'

 7

I VHTXAH QFLDV TXH QaDR HQYROYHP $ F J I VHTXAH QFLDV TXH HQYROYHP $ F J 



   & R P S R UWD P HQ WR $ VVLP S WxR WLFR G D V 7 UD Q VL}F aR HV 3DUD R SULPHLUR FRQMXQWR '

 7 

I V Q UHVXOWD QR PxuQLPR GRV FXVWRV JHUDGRV TXH VaDR LQGHSHQGHQWHV

H LGHQWLFDPHQWH GLVWULEXxuGRV $ SUREDELOLGDGH GH ' VH SRU S 7  $VVLP ;

Q 7

7

SHUWHQFHU D '

 7

xH HVWULWDPHQWH SRVLWLYD H GHqQH

SRGH VHU UHSUHVHQWDGD SRU   < FRP SUREDELOLGDGH S 7 Q ; Q 7  = Q FRP SUREDELOLGDGH  b S 7

RQGH < Q xH R PxuQLPR GDV YDULxDYHLV DOHDWxR ULDV LQGHSHQGHQWHV H LGHQWLFDPHQWH GLVWULEXxuGDV FRP OLPLWH LQ I I [  ) [ ! J  'HVWH PRGR

LQIHULRU GR VXSRUWH N

3 M;

Q 7

b N M ! t

3 M< Q b N M ! t S 7  3 M=

Q

b N M ! t  b S 7 

7RPDQGR R OLPLWH GD H[SUHVVaDR DQWHULRU OLP 3 M;

H VDEHQGR TXH OLP 7  XP

'HVWH PRGR



3 M=

7  

Q

Q 7

b N M ! t

b N M ! t  b S 7

3 M< Q b N M ! t

 XPD YH] TXH 3 M=

OLP 3 M< Q b N M ! t

Q 

Q

b N M ! t „  H S W WHQGH SDUD

OLP  b ) t Q 

Q 

RQGH ) xH D IXQ}F aDR GLVWULEXL}F aDR GR FXVWR GDV VROX}F aR HV REWxH PVH  t !   b ) N  t  



OLP  b ) N  t Q

Q 



2 IXQ}F aDR FXVWR DSUR[LPDVH GR FXVWR xR SWLPR TXDQGR D WHPSHUDWXUD WHQGH SDUD ]HUR H VH

H[HFXWD XP QxX PHUR GH WUDQVL}F aR HV LQqQLWR

2 HVWXGR GD FRQYHUJAH QFLD GD 6LPXOD}F aDR GD 7AH PSHUD OHYD D XP PHOKRU FRQKHFLPHQWR

GR VHX IXQFLRQDPHQWR H SHUPLWH D M XVWLqFD}F aDR GH DOJXPDV FDUDFWHUxuVWLFDV TXH VH REVHUYDP

1R HQWDQWR HVWH FRQKHFLPHQWR QaDR FRQWULEXL GH XPD IRUPD GLUHFWD SDUD D FRQVWUX}F aDR GH

DOJRULWPRV 1R VHQWLGR GH FULDU XPD IRUPD H[SHGLWD GH JHUDU DOJRULWPRV LQWURGX]VH QR FDSxuWXOR VHJXLQWH R FRQFHLWR GH (QWURSLD TXH SRVWHULRUPHQWH VHUxD XVDGR QD FRQVWUX}F aDR GR PxH WRGR GD 7AH PSHUD FRQWURODGD SHOD (QWURSLD



& D S xuWX OR 

( Q WU R S LD 2 FRQFHLWR GH (QWURSLD VXUJH QHVWH WUDEDOKR FRPR FRQVHTXAH QFLD GD DQxDOLVH GR SURFHVVR IxuVLFR

GD 7AH PSHUD QD 0HFADQLFD (VWDWxuVWLFD 1D FRQWLQXD}F aDR GHVWH HVWXGR VaDR HQFRQWUDGDV SR Q WHV

HQWUH RXWUDV xDUHDV FRPR D 7HRULD GDV 3UREDELOLGDGHV 3URFHVVRV (VWRFxDVWLFRV H 7HRULD GD ,QIRUPD}F aDR 3URFXUDVH SHUFHEHU FRPR VH UHODFLRQD HVWH FRQFHLWR HQWUH DV GLIHUHQWHV xDUHDV

DV SURSULHGDGHV PDLV LPSRUWDQWHV H XPD IRUPD GH R DSOLFDU D DOJRULWPRV SDUD SUREOHPDV GH 2SWLPL]D}F aDR &RPELQDWxR ULD

1D SURFXUD GH XP PRGHOR DGHTXDGR wDV FDUDFWHUxuVWLFDV LQWUxuQVHFDV GH FDGD FRQFUHWL]D}F aDR

FRP XP FRQMXQWR GH FDUDFWHUxuVWLFDV M xD UHIHULGDV HVWXGRXVH D IRUPD GH WUDQVSRU SDUD D 7AH PSHUD 6LPXODGD DOJXQV GRV FRQFHLWRV IxuVLFRV GD 7AH PSHUD FRP D LGHLD GH PHOKRUDU R GHVHPSHQKR GRV DOJRULWPRV HVWRFxDVWLFRV &RQWXGR D IDOWD GH XP IRUPDOLVPR PDWHPxDWLFR

FDSD] GH PRGHODU FRP H[DFWLGaDR DV SULQFLSDLV SURSULHGDGHV H[LVWHQWHV QR IHQxR PHQR IxuVLFR GD 7AH PSHUD WHYH FRPR FRQVHTXAH QFLD R DEDQGRQR GHVWD HVWUDWxH JLD

2 FRQFHLWR GH (QWURSLD >%$5@ PDQWHYHVH SUHVHQWH H IRL FRP D LQWHUSUHWD}F aDR HVWRFxDVWLFD

SURSRVWD SRU &ODXGH 6KDQQRQ >6KD@ QR ADPELWR GD 7HRULD GD ,QIRUPD}F aDR TXH VH HVWDEHOHFHX XPD FDUDFWHUL]D}F aDR GD 7AH PSHUD 6LPXODGD WHQGR HVWD VLGR XWLOL]DGD SRVWHULRUPHQWH FRPR

VXSRUWH GD 7 AH P SHUD FR Q WUR OD G D SHOD ( Q WUR S LD  'HVWH PxH WRGR UHVXOWD XP PRGHOR SDUD D 7AH PSHUD 6LPXODGD HP TXH R FRQFHLWR GH (QWURSLD RFXSD XP OXJDU GH FRQWUROR GH WRGR R SURFHVVR 'H FHUWD IRUPD R Xx QLFR FRQFHLWR IxuVLFR FRP LQWHUSUHWD}F aDR GLUHFWD QHVWH QRYR PRGHOR IRL R FRQFHLWR GD (QWURSLD LQWLPDPHQWH OLJDGD wD QR}F aDR GH WHPSHUDWXUD 

& D SxuWX OR   ( Q WUR S LD

 

2 & R Q F H LWR G H ( Q WU R S LD

([LVWHP FRQFHLWRV TXH UHVLVWHP wD SDVVDJHP GR WHPSR XQV SHOD VXD LPSRUWADQFLD RXWURV SHOD FDSDFLGDGH TXH WAH P GH VH DGDSWDU DRV QRYRV GRPxuQLRV GD FLAH QFLD $ (QWURSLD PDLV GR TXH TXDOTXHU RXWUR FRQFHLWR PDQWxH P EHP YLYD D VXD LPSRUWADQFLD D VXD XWLOLGDGH H SRUTXH QaDR

R VHX PLVWxH ULR $ OLWHUDWXUD VREUH D (QWURSLD HVWxD UHSOHWD GH DXWRUHV TXH WAH P SURFXUDGR H[SOLFD}F aR HV SDUD HVWH H[FHOHQWH GHVHPSHQKR VH EHP TXH XP GRV PDLV HVFODUHFHGRUHV IRL DSUHVHQWDGR SRU -RKQ 9RQ 1HXPDQQ

1 R R Q H UHD OO\ X Q G HUVWD Q G V HQ WUR S \ LQ WK H VHQ VH R I 3 K \ VLFV  7 K HUHIR UH LI \ R X

NQ R Z Z K D W \ R X P HD Q E\ LW D Q G \ R X X VH LW Z K HQ \ R X D UH LQ D Q D UJX P HQ W \ R X Z LOO Z LQ HYHU\ WLP H

-RKQ YRQ 1HXPDQQ 

2 WHUPR (QWURSLD FRPR FRQFHLWR FLHQWxuqFR IRL DSUHVHQWDGR SHOD SULPHLUD YH] QD 7HU

PRGLQADPLFD HP  SRU &ODXVLXV SRVWHULRUPHQWH xH IHLWD XPD LQWHUSUHWD}F aDR SUREDELOxuVWLFD QR FRQWH[WR GD 0HFADQLFD (VWDWxuVWLFD DWULEXxuGD D %ROW]PDQQ QR DQR GH  (P  3ODQN HVWDEHOHFH RXWUD UHOD}F aDR GH JUDQGH VXFHVVR HQWUH HVWH FRQFHLWR H D 7HRULD GDV 3UREDELOLGDGHV x QR HQWDQWR FRP &ODXGH 6KDQQRQ TXH VH HVWDEHOHFHP DV EDVHV GD 7HRULD GD ,QIRUPD}F aDR (

1R FxH OHEUH WUDEDOKR >6KD@  HOH DSUHVHQWD D (QWURSLD FRPR XPD PHGLGD HVWDWxuVWLFD REHGH FHQGR D XP FRQM XQWR GH D[LRPDV TXH UHVXOWDP QXPD H[SUHVVaDR TXH VH SURYD VHU Xx QLFD + <

b

;Q

L 

S L ORJ S L



RQGH RV S L VaDR DV SUREDELOLGDGHV DVVRFLDGDV D XP TXDOTXHU DFRQWHFLPHQWR 3RVWHULRUPHQWH

HP  ( 7 -D\QHV >-D\@ UHH[DPLQD R 0xH WRGR GD 0xD[LPD (QWURSLD H DSOLFDR D XPD JUDQGH YDULHGDGH GH SUREOHPDV

1aDR qFDULD FRPSOHWD HVWD LQWURGX}F aDR VH QaDR VH q]HVVH DOXVaDR D GXDV REUDV ,Q IR UP D WLR Q

7 K HR U\  GH 5REHUW $VK >$VK@  HP  H 6 FLHQ FH D Q G ,Q IR UP D WLR Q 7 K HR U\  GH %ULOORXLQ >%UL@  HP  6aDR REUDV GH UHIHUAH QFLD H FRQWULEXxuUDP GH IRUPD GHFLVLYD SDUD D HVWUXWXUD}F aDR GHVWH PRGHOR TXH VH TXHULD VLPSOHV H VXqFLHQWHPHQWH FRPSOHWR SDUD UHSURGX]LU D UHDOLGDGH

2 WHUPR (QWURSLD DFWXDOPHQWH XVDGR HP PXLWRV GRPxuQLRV GD FLAH QFLD WHP RULJHP QD

)xuVLFD FRP R VLJQLqFDGR GH GHJUDGD}F aDR GH HQHUJLD UHODFLRQD RV PRYLPHQWRV H FROLVaR HV GH 

& LWD G R S R U (  7  - D\ Q HV HP >- D\   @



   ' R P xuQ LR V G H $ S OLFD }F aD R SDUWxuFXODV qFDQGR GHVWD IRUPD FRPR XPD QR}F aDR LQGLVVRFLDYHOPHQWH OLJDGD wD GHVRUGHP

(QFRQWUDPVH UHIHUAH QFLDV D XP FRQFHLWR VLPLODU QRV WUDEDOKRV GH &DUQRW HPERUD QXP FRQ

WH[WR PXLWR SDUWLFXODU 'HVGH HQWaDR PXLWRV DXWRUHV WAH P WHQWDGR GHqQLU H HQWHQGHU R FRQFHLWR GH (QWURSLD

(P  %ROW]PDQQ H 0D[ZHOO XVDP D 7HRULD GDV 3UREDELOLGDGHV SDUD D DQDOLVDU VLVWHPDV

IxuVLFRV GH PXLWDV SDUWxuFXODV (VWD LQWHUSUHWD}F aDR SUREDELOxuVWLFD FRQGX] R FRQFHLWR GH (QWURSLD DRV GRPxuQLRV GD 0HFADQLFD (VWDWxuVWLFD 1R HQWDQWR R WUDEDOKR GH &ODXGH 6KDQQRQ >6KD@

PHUHFH XP GHVWDTXH PXLWR HVSHFLDO xH FRP HOH TXH R FRQFHLWR GH (QWURSLD WUDQVFHQGH D VXD LGHLD RULJLQDO $OJXQV DQRV DSxR V 6KDQQRQ R WHU DSUHVHQWDGR -D\QHV SURSaR H R 0xH WRGR GD 0xD[LPD (QWURSLD GHVWLQDGR D UHVROYHU SUREOHPDV FDUDFWHUL]DGRV SRU LQIRUPD}F aDR LQVXqFLHQWH

>-D\@  1HVWHV SUREOHPDV DSHQDV VH FRQKHFHP PHGLGDV PDFURVFxR SLFDV FRPR D PxH GLD RX D YDULADQFLD H DV SUREDELOLGDGHV xR SWLPDV VHUaDR DTXHODV TXH PD[LPL]DP D HQWURSLD

$ HQWURSLD WHP WRPDGR OXJDU GH GHVWDTXH HP GLYHUVRV FDPSRV GD FLAH QFLD $OJXPDV

xDUHDV GD 0DWHPxDWLFD FRPR D 7HRULD GD &RGLqFD}F aDR RV 6LVWHPDV 'LQADPLFRV D /xR JLFD D 7HRULD GH $OJRULWPRV H D ,QIHUAH QFLD (VWDWxuVWLFD H GH XPD IRUPD PDLV JHUDO D (FRQRPLD D %LRORJLD DV &LAH QFLDV 6RFLDLV H +XPDQDV VRXEHUDP DGDSWDU H LQWHUSUHWDU HVWH FRQFHLWR wDV VXDV QHFHVVLGDGHV

 

' R P xuQ LR V G H $ S OLF D }F aD R

(P  PRWLYDGR SHOR SUREOHPD GH WUDQVPLWLU XPD PHQVDJHP GH IRUPD HqFLHQWH DWUDYxH V GH XP FDQDO GH FRPXQLFD}F aDR 6KDQQRQ >6KD@ LQWURGX]LX XPD IRUPD SUREDELOxuVWLFD H UHYROXFLR QxDULD GH DQDOLVDU D FRPXQLFD}F aDR $ SDU GHVWD QRYD IRUPD GH YHU XP VLVWHPD GH FRPXQLFD}F aDR

FULRX WRGR R HQYROYLPHQWR WHxR ULFR GR FRQFHLWR GH HQWURSLD 1D 7HRULD GD ,QIRUPD}F aDR VaDR

XVDGDV IHUUDPHQWDV PDWHPxDWLFDV FRPR D 7HRULD GDV 3UREDELOLGDGHV H D 7HRULD (UJxR GLFD SDUD DQDOLVDU RV GDGRV TXH YaDR HYROXLQGR QXP FDQDO GH FRPXQLFD}F aDR HVWDQGR QD RULJHP DRV

VLVWHPDV GH FRPXQLFD}F aDR TXH VH GHVHQYROYHUDP QHVWHV Xx OWLPRV DQRV PXLWR UDSLGDPHQWH ,JXDO x GHVHQYROYLPHQWR WHYH D 7HRULD GD &RGLqFD}F aDR TXH XVDQGR IHUUDPHQWDV GD $OJHEUD H GD 7HRULD GRV 1xX PHURV OHYRX wD FULD}F aDR GH FxR GLJRV H[WUHPDPHQWH HODERUDGRV $PEDV DV xDUHDV GHUDP UHVSRVWDV HqFD]HV DRV GHVDqRV TXH D PDVVLqFD}F aDR GR XVR GD ,QIRUPxDWLFD OKHV YHP FRORFDQGR

(P PHDGRV GRV DQRV FLQTXHQWD $QGUHL .ROPRJRURY DGDSWRX D QR}F aDR GH (QWURSLD GH

6KDQQRQ wD WHRULD GH 6LVWHPDV 'LQADPLFRV H PRVWURX FRPR D (QWURSLD SRGH VHU XVDGD SDUD 

& D SxuWX OR   ( Q WUR S LD DQDOLVDU WDLV VLVWHPDV (P  5R\ $GOHU HW D O LQWURGX]LUDP R FRQFHLWR GH (QWURSLD 7RSROxR JLFD $QRV PDLV WDUGH .ROPRJRURY FULRX XPD WHRULD GH &RPSOH[LGDGH GH 3UREOHPDV

EDVHDGD QD (QWURSLD DR PHVPR WHPSR TXH 5D\ 6RORPRQRp >6RO@ GHVHQYROYH D QR}F aDR GH 3UREDEOLGDGH $OJRUxuWPLFD H 0DUWLQ/RHI XVD LGHLDV VLPLODUHV SDUD GHVHQYROYHU D WHRULD GH $OHDWRULHGDGH $OJRUxuWPLFD

(P  /XGZLQJ %ROW]PDQQ H :LOODUG *LEEV LQWURGX]HP GLIHUHQWHV FRQFHLWRV GH (Q

WURSLD DPERV EDVHDGRV QD 7HRULD GDV 3UREDELOLGDGHV 1D ,QIHUAH QFLD (VWDWxuVWLFD D (QWURSLD WHYH FRPR SULQFLSDO LPSXOVLRQDGRU 5RQDOG )LVKHU HP  FXM R VLJQLqFDGR HVWxD PXLWR SUxR [LPD GD HQWURSLD GH 6KDQQRQ 1D GxH FDGD GH FLQTXHQWD (GZLQ -D\QHV SXEOLFD R DU

WLJR ?,QIRUPDWLRQ 7KHRU\ DQG 6WDWLVWLFDO 0HFKDQLFV >-D\@  RQGH D 0HFADQLFD (VWDWxuVWLFD

xH UHIRUPXODGD HP WHUPRV SUREDELOxuVWLFRV XVDQGR R 3ULQFxuSLR GD 0xD[LPD (QWURSLD >*1@ 

(VWD UHIRUPXOD}F aDR OHYD D XPD VLPSOLqFD}F aDR PDWHPxDWLFD GH DOJXQV SUREOHPDV GH 0HFADQLFD (VWDWxuVWLFD DWUDYxH V GD SRVVLELOLGDGH GH LQIHULU SURSULHGDGHV FRP EDVH HP LQIRUPD}F aDR LQFRP

SOHWD 'HVGH HQWaDR -D\QHV GHVLOXGLGR FRP D SROxuWLFD GH SXEOLFD}F aDR GH DUWLJRV QDV SULQFLSDLV

UHYLVWDV LQLFLD D HVFULWD GH XP H[WHQVR OLYUR DSHQDV FRP HGL}F aDR HOHFWUxR QLFD 1HVWD REUD GH UHIHUAH QFLD 3 UR ED ELOLW\ 7 K HR U\  7 K H / RJLF R I 6 FLHQ FH >-D\@  D 7HRULD GH 3UREDELOLGDGHV

%DHVLDQD xH WUDWDGD FRPR XPD FLAH QFLD GH LQIHUAH QFLD SODXVxuYHO $ LQWHUHVVDQWH UHOD}F aDR HQWUH 6HTXAH QFLDV 7xuSLFDV H 0xD[LPD (QWURSLD DSDUHFH FRPR XPD YLD GH LQWURGX]LU R FRQFHLWR GH (QWURSLD XWLOL]DQGR DSHQDV SURSULHGDGHV GD 7HRULD GH 3UREDELOLGDGHV >%$5@ 

2V 6RFLxR ORJRV WAH P DSOLFDGR R FRQFHLWR GH (QWURSLD GH YxDULDV IRUPDV GHVGH D LQWHUSUHWD}F aDR

HVWDWxuVWLFD GH UHVXOWDGRV DWxH DR WUDWDPHQWR GD LQIRUPD}F aDR SRU YH]HV LQVXqFLHQWH H DIHFWDGD SRU UXxuGR TXH WAH P GH DQDOLVDU 2V %LxR ORJRV FRPSUHHQGHP H XWLOL]DP WRGR R SRWHQFLDO GDV

LGHLDV GH 6KDQQRQ (P WUDEDOKRV UHFHQWHV RV (FRORJLVWDV XVDP R FRQFHLWR GH (QWURSLD FRPR

XPD PHGLGD GD ELRGLYHUVLGDGH 2V %LxR ORJRV (YROXFLRQLVWDV FRQWLQXDP D GHVHQYROYHU D LGHLD GH WRPDU FRPR PRGHOR SDUD D HYROX}F aDR FHUWRV FRQFHLWRV XVDGRV HP 7HUPRGLQADPLFD 3UxR [LPR GHVWD DERUGDJHP HVWxD D TXDQWLqFD}F aDR KLHUxDUTXLFD GD RUJDQL]D}F aDR GH XP HFRVVLVWHPD XVDQGR D HQWURSLD FRPR PHGLGD >%: $\U@ 

1RV DQRV WULQWD -RKQ YRQ 1HXPDQQ LQWURGX] R R SHUD G R U G H HQ WUR S LD  GHqQLGR GH IRUPD

DQxDORJD DR YDORU GH HQWURSLD HP 0HFADQLFD 4XADQWLFD 1RV QRVVRV GLDV RV )xuVLFRV WHQWDP JHQHUDOL]DU R RSHUDGRU GH HQWURSLD wDV DOJHEUDV QaDRFRPXWDWLYDV $SxR V -D\QHV WHU LQWURGX]LGR R 3ULQFxuSLR GD 0xD[LPD (QWURSLD GRLV FLHQWLVWDV /DUV 2QVDJHU H ,O\D 3ULJRJLQH JDODUGRDGRV FRP R SUxH PLR 1REHO GHVHQYROYHP D 7HRULD GD 0HFADQLFD (VWDWxuVWLFD HP 1aDR(TXLOxuEULR >6WU@  

   7 HR ULD G D ,Q IR UP D }F aD R 0XLWDV GDV LGHLDV GD 7HRULD GR &DRV VaDR LQVSLUDGDV QR FRQFHLWR GH (QWURSLD TXH DR ORQJR GHVWHV DQRV WHP VLGR XPD xDUHD GH WUDEDOKR PXLWR IUXWXRVD WDQWR HP UHVXOWDGRV WHxR ULFRV FRPR QDV VXDV DSOLFD}F aR HV D SUREOHPDV SUxDWLFRV >&DY@ 

$SxR V HVWD EUHYH SDVVDJHP SRU XP FRQMXQWR GH xDUHDV RQGH D (QWURSLD WHP VLGR DSOLFDGD

UHJUHVVDVH wD 7HRULD GD ,QIRUPD}F aDR H DR FRQFHLWR LQFRQWRUQxDYHO TXH HOD HQFHUUD ^ R FRQFHLWR GH (QWURSLD

 

7 H R U LD G D ,Q IR U P D }F aD R

1R DUWLJR HVFULWR SRU &ODXGH 6KDQQRQ >6KD 6:@ H UHIHULGR SRU YxDULRV DXWRUHV FRPR VHQGR R WH[WR EDVH GD 7HRULD GD ,QIRUPD}F aDR IDODVH VREUHWXGR GH 7HRULD GD &RPXQLFD}F aDR 2 SUxR SULR DXWRU FODVVLqFDR FRPR ?D WHRULD JHUDO GD FRPXQLFD}F aDR 

(VFUHYHX 6KDQQRQ TXH R SUREOHPD IXQGDPHQWDO GD FRPXQLFD}F aDR xH D UHSURGX}F aDR H[DFWD

RX DSUR[LPDGD GH XPD PHQVDJHP HQYLDGD DWUDYxH V GH XP VLVWHPD GH FRPXQLFD}F aDR (VWH

VLVWHPD xH GHVFULWR PXLWR VXFLQWDPHQWH SRU XP JHUDGRU GH PHQVDJHQV XP FRGLqFDGRU H XP FDQDO DIHFWDGR GH UXxuGR GR RXWUR ODGR WHPRV XP GHVFRGLqFDGRU H R UHFHSWRU GD PHQVDJHP

$V PHQVDJHQV QaDR SRGHP VHU GLVVRFLDGDV GD VXD SDUWH FRQFHSWXDO TXH DIHFWDGDV SHOR UXxuGR

GR VLVWHPD WRUQDP D WDUHID GH DV GHVFRGLqFDU PXLWR FRPSOH[D $ PHQVDJHP TXH VH REWxH P

xH QR IXQGR XPD HQWUH XP FRQM XQWR GH PHQVDJHQV SRVVxuYHLV $ 7HRULD GD ,QIRUPD}F aDR DSDUHFH x DVVLP XPD WHR QHVWH FRQWH[WR FRPR XPD IRUPD GH DYDOLDU R VXFHVVR GD FRPXQLFD}F aDR ( ULD HVWRFxDVWLFD FXM R REM HFWLYR SULQFLSDO xH R GH H[SOLFDU R TXH xH UHOHYDQWH QXP VLVWHPD GH FRPXQLFD}F aDR TXH VH SRGH LOXVWUDU FRP RV VHJXLQWHV GRLV SUREOHPDV

q R SUREOHPD GH DUPD]HQDPHQWR GH GDGRV 6KDQQRQ PRVWUD TXH VH SRGH FRPSDFWDU D LQIRUPD}F aDR UHPRYHQGR UHGXQGADQFLDV

q R SUREOHPD GD WUDQVPLVVaDR GH PHQVDJHQV DWUDYxH V GH XP FDQDO DIHFWDGR SHOR UXxuGR 'H

LJXDO IRUPD 6KDQQRQ PRVWUD TXH xH SRVVxuYHO XVDQGR DSHQDV D UHGXQGADQFLD FRPEDWHU D GHJUDGD}F aDR GDV PHQVDJHQV VXM HLWDV D UXxuGR

'H XP SRQWR GH YLVWD SXUDPHQWH PDWHPxDWLFR D 7HRULD GD ,QIRUPD}F aDR xH DSUHVHQWDGD

FRPR XP PRGHOR PDWHPxDWLFR UHSUHVHQWDWLYR GH XP VLVWHPD GH FRPXQLFD}F aDR TXH FRPSUHHQGH R HVWXGR GH XP WHRUHPD ^ R WHRUHPD IXQGDPHQWDO GD 7HRULD GD ,QIRUPD}F aDR (VWDEHOHFH HVWH WHRUHPD TXH VH SRGH WUDQVPLWLU LQIRUPD}F aDR DWUDYxH V GH XP FDQDO D XPD TXDOTXHU YHORFLGDGH 

& D SxuWX OR   ( Q WUR S LD PHQRU TXH D FDSDFLGDGH GR FDQDO FRP XPD SUREDELOLGDGH GH HUUR DUELWUDULDPHQWH SHTXHQD >$VK@  2 FRQFHLWR GH (QWURSLD >%$5@ DSDUHFH QHVWH FRQWH[WR OLJDGR wD QHFHVVLGDGH GH

FRGLqFDU XPD PHQVDJHP SDUD VHU WUDQVPLWLGD DWUDYxH V GH XP FDQDO GH LQIRUPD}F aDR FRP D PHQRU

SUREDELOLGDGH GH HUUR SRVVxuYHO $ (QWURSLD GDGD SRU   H GHqQLGD SRU 6KDQQRQ>6:@ GxD XPD UHVSRVWD SUxDWLFD wD IRUPD GH FRGLqFDU XPD PHQVDJHP SDUD VHU WUDQVPLWLGD &RP R

FRQFHLWR GD (QWURSLD GHqQLGR GH XPD IRUPD D[LRPxDWLFD GD TXDO UHVXOWD XPD IxR UPXOD Xx QLFD SDUD VXD PHGLGD VaDR DEHUWDV YxDULDV SRUWDV HP GLIHUHQWHV GRPxuQLRV GH LQYHVWLJD}F aDR

  

2 7 H R UH P D G H 6 K D Q Q R Q

1R FHUQH GD 7HRULD GH ,QIRUPD}F aDR HQFRQWUDVH R SUREOHPD GH TXDQWLqFDU D HQWURSLD PXLWDV YH]HV WDPExH P FKDPDGD LQ FHUWH]D  6HQGR HVWD XPD PHGLGD DVVRFLDGD D DFRQWHFLPHQWRV HV WRFxDVWLFRV RV DUJXPHQWRV XVDGRV GHYHP VHU VHPHOKDQWHV DRV XVDGRV HP 7HRULD GDV 3URED ELOLGDGHV 'HVWH PRGR FULDVH XPD D[LRPxDWLFD GD TXDO UHVXOWD XPD PHGLGD GD HQWURSLD

TXH VH SURYD VHU Xx QLFD XVDQGR DSHQDV DUJXPHQWRV ExDVLFRV GD 7HRULD GDV 3UREDELOLGDGHV 1D OLWHUDWXUD FRQVXOWDGD D D[LRPxDWLFD xH GHqQLGD GH XPD IRUPD ULJRURVD QR OLYUR ,Q IR UP D WLR Q

7 K HR U\ >$VK@ GH 5REHUW $VK HP  (P >%$@ VaDR IHLWRV PDLV DOJXQV FRPHQWxDULRV D HVWD D[LRPxDWLFD

1DV OLQKDV VHJXLQWHV VaDR H[SRVWRV RV TXDWUR D[LRPDV GH XPD IRUPD PXLWR VXFLQWD

q $[LRPD  ^ $ HQWURSLD DXPHQWD SURSRUFLRQDOPHQWH DR DXPHQWR GDV SRVVLELOLGDGHV GH

HVFROKD 1R FDVR GH DFRQWHFLPHQWRV HTXLSURYxDYHLV D HQWURSLD xH HVWULWDPHQWH PRQxR WRQD FUHVFHQWH FRP Q 

  +  Q Q

I Q 

q $[LRPD  ^ 1XP DFRQWHFLPHQWR GHVFULWR SRU GXDV YDULxDYHLV DOHDWxR ULDV ; FRP Q DFRQWH

FLPHQWRV HTXLSURYxDYHLV H < FRP O DFRQWHFLPHQWRV HTXLSURYxDYHLV D H[SHULAH QFLD FRQM XQWD WHP Q d O DFRQWHFLPHQWRV H D HQWURSLD xH GDGD SRU I Q O 

6H R YDORU GH ; IRU FRQKHFLGR D HQWURSLD DVVRFLDGD D < QaDR xH DIHFWDGD XPD YH] TXH ;

H < VaDR LQGHSHQGHQWHV $ HQWURSLD FRQM XQWD DVVRFLDGD wDV GXDV YDULxDYHLV ; H <  PHQRV

D HQWURSLD REWLGD DWUDYxH V GR FRQKHFLPHQWR GD YDULxDYHO ;  FRQWLQXD D VHU D HQWURSLD DVVRFLDGD D <  'HVWH PRGR

I Q O

I Q  I O  

   7 HR ULD G D ,Q IR UP D }F aD R q $[LRPD  ^ 2 FKDPDGR $ [LR P D G H * UX SR WUDGX] D VLWXD}F aDR JHUDO GH DFRQWHFLPHQWRV TXH QaDR VaDR HTXLSURYxDYHLV 2 HVSD}F R GH DFRQWHFLPHQWRV ; xH GLYLGLGR HP GRLV FRQM XQWRV $ I [  [  [ U J H % GD VHJXLQWH IRUPD

I [ U   [ U   [ Q J  (P VHJXLGD GHqQHVH XP DFRQWHFLPHQWR

^ VHOHFFLRQDVH XP GRV GRLV JUXSRV $ RX %  FRP SUREDELOLGDGHV S     S U H S U      S Q  UHVSHFWLYDPHQWH

^ HVFROKHVH XP TXDOTXHU YDORU [ L GR FRQM XQWR VHOHFFLRQDGR DQWHULRUPHQWH

6H R FRQM XQWR $ IRU R HVFROKLGR SRGHVH VHOHFFLRQDU XP YDORU [ L FRP SUREDELOLGDGH S L S     S U  LVWR xH  D SUREDELOLGDGH FRQGLFLRQDGD GH HVFROKHU XP [ L GDGR TXH HVWH SHUWHQFH DR FRQM XQWR $  2 PHVPR UDFLRFxuQLR SRGH VHU IHLWR SDUD R JUXSR %  'HVWH PRGR R FRQM XQWR $ WHP SUREDELOLGDGH S M PRGR SDUD R FRQM XQWR % HP TXH M

3U

L 

S LM

U  Q 

U SDUD FDGD [ M  'H LJXDO

6HQGR < R UHVXOWDGR GHVWD H[SHULAH QFLD D SUREDELOLGDGH GH < 3 <

[ 

3 $ VHU HVFROKLGR H [  VHU VHOHFFLRQDGR

[  xH GDGD SRU

3 $ VHU HVFROKLGR 3 [  VHU VHOHFFLRQDGRM$ VHU HVFROKLGR

;U

L 

S S L 3 U

L 

SL

S

&RPR VH YHULqFD SDUD WRGRV [ L FRP L

Q  SRGHVH DqUPDU TXH ; H < WAH P D

PHVPD GLVWULEXL}F aDR

$ HQWURSLD GDV GXDV H[SHULAH QFLDV xH GDGD SRU + S  S Q

+ S     S U S U      S Q  S SU  S     S U + 3 U ccc 3 U  L  SL L  SL S U  SQ  S U      S Q + 3 Q ccc 3 Q  L U  S L L U  S L U

Q b 

q $[LRPD  ^ )LQDOPHQWH SUHWHQGHVH TXH + S L VHM D XPD IXQ}F aDR FRQWxuQXD HP S L ,Q

WXLWLYDPHQWH HVSHUDVH TXH XPD SHTXHQD SHUWXUED}F aDR QDV SUREDELOLGDGHV FRUUHVSRQGD XPD SHTXHQD DOWHUD}F aDR QR YDORU GD HQWURSLD

&RP EDVH QHVWHV TXDWUR D[LRPDV HQXQFLDVH R 7HRUHPD GH 6KDQQRQ FXM D GHPRQVWUD}F aDR

VH SRGH HQFRQWUDU QRV WH[WRV FLWDGRV QR LQxuFLR GHVWD VHF}F aDR 

& D SxuWX OR   ( Q WUR S LD 7 H R U H P D   $ Xx Q LFD IX Q }F aD R TX H VD WLVID ] R V D [LR P D V LQ G LFD G R V D Q WHULR UP HQ WH xH G D G D SR U + S  S Q

b&

;Q

L 

S L ORJ D S L



R Q G H & xH X P Q Xx P HUR D UELWUxD ULR SR VLWLYR H D ED VH G R ORJD ULWP R xH TX D OTX HU LQ WHLUR P D LR U G R TX H  

$ SULPHLUD SURSULHGDGH TXH GHFRUUH GHVWD H[SUHVVaDR xH TXH D HQWURSLD xH QaDR QHJDWLYD XPD

YH] TXH b S L ORJ S L w   L

Q  $ SDUWLU GHVWH PRPHQWR VH QDGD IRU UHIHULGR D EDVH

GR ORJDULWPR VHUxD Q HSHULD Q D 

([LVWHP QR HQWDQWR RXWUDV SURSULHGDGHV TXH GHULYDP GD QHFHVVLGDGH GH XVDU DV SUREDEL

OLGDGHV FRQM XQWD H FRQGLFLRQDGD UHVXOWDQGR GHqQL}F aR HV GH HQWURSLD FRQM XQWD H FRQGLFLRQDGD

  

( Q WU R S LD & R Q MX Q WD H & R Q G LF LR Q D G D

6HM DP ; H < GXDV YDULxDYHLV DOHDWxR ULDV GLVFUHWDV DVVRFLDGDV wD PHVPD H[SHULAH QFLD DOHDWxR ULD 'HqQHVH SUREDELOLGDGH FRQMXQWD FRPR VHQGR S [ L\ L

3 ;

[ L<

\ L  L

Q  M

U



2 QxX PHUR GH DFRQWHFLPHQWRV SRVVxuYHLV xH Q U  $ HQWURSLD FRQM XQWD DVVRFLDGD D ; H < xH

GDGD SRU

+ ; <

b

;Q ;U L  M 

S [ L\ M ORJ S [ L\ M 



TXH IDFLOPHQWH VH JHQHUDOL]D SDUD Q YDULxDYHLV DOHDWxR ULDV

$ HQWURSLD FRQM XQWD SRGH VHU UHODFLRQDGD FRP D HQWURSLD GDV YDULxDYHLV LVRODGDPHQWH + ; < „ + ;  + < 



VHQGR D LJXDOGDGH YxDOLGD TXDQGR ; H < IRUHP LQGHSHQGHQWHV

'DGDV GXDV YDULxDYHLV DOHDWxR ULDV ; H < H FRQKHFHQGR XP YDORU SDUWLFXODU ;

WULEXL}F aDR GH SUREDELOLGDGH FRQGLFLRQDGD xH GDGD SRU 3 < M; SRU

+ < M;

[ L

;U M 

[ L H D HQWURSLD FRQGLFLRQDGD

3 \ M M[ L ORJ 3 \ M M[ L 



[ L D GLV



   7 HR ULD G D ,Q IR UP D }F aD R $ HQWURSLD FRQGLFLRQDGD GH <  GDGR ;  xH GDGD SRU + < M;

3 [  + < M; b

;Q

L 

;U

3 ; L

M 

[     3 [ Q + < M;

3 \ M M[ L ORJ 3 \ M M[ L 

[Q

 

H SHOD GHqQL}F aDR GH SUREDELOLGDGH FRQM XQWD 3 [ L\ L

'HVWH PRGR + < M;

b

3 [ L 3 \ LM[ L 

;Q ;U

3 \ M [ L ORJ 3 \ M M[ L 

L  M 

 

'D GHqQL}F aDR GH HQWURSLD FRQM XQWD UHVXOWD TXH

XPD YH] TXH + ; <

+ ; < b b b b

+ ;  + < M;

;Q ;U L  M  ;Q ;U L  M  ;Q ;U L  M  ;Q L 

+ <  + ; M< 

3 [ L\ M ORJ 3 [ L\ M 3 [ L\ M ORJ>3 [ L 3 \ M M[ L @ 3 [ L\ M ORJ 3 [ L b

;Q ;U L  M 

3 [ L\ M ORJ 3 \ M [ L

3 [ L ORJ 3 [ L  + < M;

+ ;  + < M; 

 

$WUDYxH V GH XP UDFLRFxuQLR LGAH QWLFR REWxH PVH D VHJXQGD LJXDOGDGH

$ HQWURSLD SRGH WDPExH P VHU GHqQLGD SDUD XPD YDULxDYHO DOHDWxR ULD FRQWxuQXD VH EHP TXH

D PDLRU SDUWH GDV SURSULHGDGHV GD HQWURSLD GHqQLGD DQWHULRUPHQWH QaDR VHM DP YHULqFDGDV

  

( Q WU R S LD G H X P D Y D U LxD Y H O D OH D WxR ULD F R Q WxuQ X D

6HM D ;

XPD YDULxDYHO DOHDWxR ULD FRQWxuQXD H S [ D VXD IXQ}F aDR GHQVLGDGH GH SUREDELOLGDGH

'HqQHVH D HQWURSLD GH ; FRPR VHQGR + ;

b

=  b

S [ ORJ S [ G [ 





& D SxuWX OR   ( Q WUR S LD GHVGH TXH HVWH LQWHJUDO H[LVWD

(P FRQWUDVWH FRP D VLWXD}F aDR DQWHULRU D HQWURSLD GH XPD YDULxDYHO DOHDWxR ULD FRQWxuQXD SRGH

WRPDU TXDOTXHU YDORU SRVLWLYR RX QHJDWLYR 6HM DP ;

H < YDULxDYHLV DOHDWxR ULDV GHqQLGDV VREUH R PHVPR HVSD}F R FRP GHQVLGDGH GH

SUREDELOLGDGH FRQM XQWD S [ \  $ HQWURSLD FRQM XQWD + ; <  xH GDGD SRU + ; <

b

=  =  b

H D HQWURSLD FRQGLFLRQDGD GH < GDGR ; xH + ; M< RQGH S \ M[

b

S [ \ ORJ S [ \ G [ G \ 

b

=  =  b

S [ \ ORJ S [ M\ G [ G \ 

b

S [ \ S [ xH D IXQ}F aDR GH GHQVLGDGH GH < GDGR ; 

&RPR QD HQWURSLD GH XPD YDULxDYHO DOHDWxR ULD GLVFUHWD SRGHVH GHGX]LU XP FRQM XQWR GH

UHVXOWDGRV EDVWDQWH LQWHUHVVDQWHV

/ H P D   6 HMD P S [ H T [ IX Q }F aR HV G HQ VLG D G H G H S UR ED ELOLG D G H G H G X D V YD ULxD YHLV FR Q WxuQ X D V G Hq Q LG D V VR EUH R P HVP R VX SR UWH D 6 H b

5  b

S [ ORJ T [ G [ xH q Q LWR  HQ WaD R b b

=  b

   

5  b

T [ 

S [ ORJ S [ G [ xH q Q LWR  HQ WaD R b

' H P R Q VWU D }F aD R 

b

S [ ORJ T [ G [ „ b

D LJX D OG D G H VxR VH YHULq FD VH S [ E 6 H b

5 

S [ ORJ S [ G [ H[LVWH H

=  b

5  b

S [ ORJ S [ G [ 



S [ ORJ T [ G [ H[LVWH H YHULq FD D HTX D }F aD R

8PD YH] TXH ORJ E „ E b  YHULqFDQGRVH D LJXDOGDGH DSHQDV TXDQGR E

WHPVH TXH S [ ORJ>T [ S [ @ „ T [ b S [  QHVWH FDVR D LJXDOGDGH VxR VH YHULqFD VH S [ FRQYHQ}F aDR TXDQGR S [ =  c 

T [

 FRQVLGHUDVH   'HVWH PRGR =  =  S [ S [ ORJ G[ „ T [ G [ b S [  b  T [ c  c 

H XPD YH] PDLV D LJXDOGDGH VxR xH YHULqFDGD VH S [ $VVLP

H GHVWH PRGR

b S [ ORJ S [ b

= c 



S [ ORJ

S [ ORJ T [ G [ „ b





T [  3RU



T [ 

T [ b S [ ORJ T [ S [ =

c 



S [ ORJ S [ G [



   ( Q WUR S LD 0 xD [ LP D 3HOR IDFWR GD GHVLJXDOGDGH  VH YHULqFDU H R LQWHJUDO b

5

 c 

FRQFOXLU XVDQGR D HTXD}F aDR  TXH D LJXDOGDGH VxR VH YHULqFD VH =  T [ b  S [ ORJ G[ [ S c  R TXH LPSOLFD TXH S [

S [ ORJ T [ G [ VHU qQLWR SRGHVH

T [ XPD YH] TXH S [ !  SDUD SHOR PHQRV XP [ 

$WUDYxH V GH XP UDFLRFxuQLR DQxDORJR SURYDVH D DOxuQHD E 

2 /HPD  WHP FRPR FRQVHTXAH QFLDV LPHGLDWDV RV VHJXLQWHV UHVXOWDGRV



7 H R U H P D   6 HMD P ; H < YD ULxD YHLV D OHD WxR ULD V FR P IX Q }F aD R G HQ VLG D G H G H S UR ED ELOLG D G H FR Q  MX Q WD S [ \  $ VVX P LQ G R TX H + ; H + < VaD R D P ED V q Q LWD V HQ WaD R 

D + ; < H[LVWH H + ; < „ + ;  + <  D LJX D OG D G H VxR VH YHULq FD VH ; H < IR UHP LQ G HSHQ G HQ WHV

E + < M; H + ; M< H[LVWHP H + ; <

+ ;  + < M;

+ <  + ; M< 

F + < M; „ + <  D LJX D OG D G H VxR YHULq FD VH ; H < IR UHP LQ G HSHQ G HQ WHV 'RV YxDULRV WH[WRV RQGH HVWD GHPRQVWUD}F aDR xH IHLWD D PDLV FODUD H FRQFLVD xH DSUHVHQWDGD

HP >$VK@ 

1D VXD HVVAH QFLD QaDR H[LVWHP GLIHUHQ}F DV VLJQLqFDWLYDV HQWUH D HQWURSLD GLVFUHWD H D HQWURSLD

FRQWxuQXD 1R FDVR GLVFUHWR D HQWURSLD xH XPD IRUPD DEVROXWD GH PHGLU R JUDX GH DOHDWRULHGDGH GH XPD YDULxDYHO 1R FDVR FRQWxuQXR HVVD PHGLGD xH UHODWLYD DRV VLVWHPD GH FRRUGHQDGDV

 

( Q WU R S LD 0 xD [ LP D

2 0xH WRGR GD 0xD[LPD (QWURSLD GxD UHVSRVWD D XP SUREOHPD FRQFUHWR GD 7HRULD GDV 3UR

EDELOLGDGHV FRPR HVWLPDU DV SUREDELOLGDGHV GH XP GDGR DFRQWHFLPHQWR TXDQGR DSHQDV VH

FRQKHFHP DV VXDV FDUDFWHUxuVWLFDV ?PDFURVFxR SLFDV  FRPR D PxH GLD H D YDULADQFLD" 2 0xH WRGR GD 0xD[LPD (QWURSLD UHVSRQGH D HVWD TXHVWaDR HQFRQWUDQGR XP YHFWRU GH SUREDELOLGDGHV TXH PD[LPL]D D (QWURSLD

)RUPDOPHQWH HVWD TXHVWaDR xH WUDGX]LGD SRU XP SUREOHPD GH PD[LPL]D}F aDR XVDQGR XPD

IXQ}F aDR JHQxH ULFD K [ L 

+ S  cccS Q

b 

;Q L 

S L K [ L

& D SxuWX OR   ( Q WUR S LD FRP DV VHJXLQWHV UHVWUL}F aR HV

3Q

L 

SL

HQFRQWUDVH GHPRQVWUDGR HP >%$@ 

 H PxH GLD K [

3Q

L 

S LK [ L 

(VWH UHVXOWDGR

$VVLP D HQWURSLD xH PxD[LPD TXDQGR RV DFRQWHFLPHQWRV VaDR HTXLSURYxDYHLV S L

3RGHVH GHVWH PRGR HVFUHYHU

+ S  cccS Q „ ORJ Q 

 Q  

1R FDVR GH XPD YDULxDYHO DOHDWxR ULD FRQWxuQXD ;  TXDO VHUxD D IXQ}F aDR GHQVLGDGH GH SUREDEL

OLGDGH S [ TXH PD[LPL]D D HQWURSLD"

  

' LVWU LE X L}F aD R * D X VVLD Q D

(P WRGRV RV WUDEDOKRV TXH XVHP IHUUDPHQWDV GD 7HRULD GH 3UREDELOLGDGHV D GLVWULEXL}F aDR *DXVVLDQD RFXSD TXDVH VHPSUH XP OXJDU GH GHVWDTXH

$ TXH VH GHYH WDO VXFHVVR" 'HVGH ORJR QD GLVFXVVaDR TXH R QRPH GHVWD GLVWULEXL}F aDR

WHP VXVFLWDGR $ FRQWURYxH UVLD JHUDGD HP WRUQR GD RULJHP GD H[SUHVVaDR ?'LVWULEXL}F aDR 1RU

PDO UHPRQWDUxD D  TXDQGR .DUO 3HDUVRQ DqUPD WHU LQWURGX]LGR ?DQRV DWUxDV D UHIHULGD H[SUHVVaDR QR VHQWLGR GH HYLWDU D GLVSXWD HQWUH *DXVV H /HJHQGUH PDV QaDR GxD TXDOTXHU UH

IHUAH QFLD 'R PHVPR PRGR HP  +LODU\ 6HDO DWULEXL D SULPHLUD XWLOL]D}F aDR GHVWH WHUPR D *DOWRQ QaDR DSUHVHQWDQGR WDPExH P TXDOTXHU UHIHUAH QFLD 3URYDYHOPHQWH *DXVV WHUxD XVDGR R WHUPR ?QRUPDO QRV VHXV WUDEDOKRV VREUH HTXD}F aR HV QR VHQWLGR GH ?SHUSHQGLFXODULGDGH 

H[SUHVVDQGR GHVWD IRUPD R VHQWLGR JHRPxH WULFR GDV PHVPDV LVWR xH  D GLVWADQFLD PxuQLPD GH

XP SRQWR R HVWLPDGRU D XP SODQR D UHVWUL}F aDR xH R FRPSULPHQWR GD SHUSHQGLFXODU &RPR 3HDUVRQ REVHUYD R WHUPR ?'LVWULEXL}F aDR 1RUPDO xH SRXFR FRUUHFWR SRLV SUHVXSaR H XP M Xxu]R GH YDORU H OHYD D SHQVDU ^ FRQVFLHQWH RX LQFRQVFLHQWHPHQWH ^ TXH DV RXWUDV GLVWULEXL}F aR HV VaDR DQRUPDLV HP FHUWR VHQWLGR

2 WHUPR ?GLVWULEXL}F aDR *DXVVLDQD xH LJXDOPHQWH SRXFR FRUUHFWR 1aDR H[LVWLQGR QHQKXP

PLVWxH ULR wD VXD YROWD xH QR HQWDQWR FRQWURYHUVR M xD TXH IRL XVDGR SHOD SULPHLUD YH] HP  SRU 'H0RLYUH FRPR DSUR[LPD}F aDR wD GLVWULEXL}F aDR %LQRPLDO WUDEDOKR TXH IRL HQFRQWUDGR HP 

SRU .DUO 3HDUVRQ (P  /DSODFH HVWXGD HVWD GLVWULEXL}F aDR FXLGDGRVDPHQWH WUD}F DQGR D VXD QDWXUH]D H RV VHXV SULQFLSDLV UHVXOWDGRV 7XGR LVWR IRL IHLWR TXDQGR *DXVV WLQKD DSHQDV

VHLV DQRV )RL QR HQWDQWR FRP RV WUDEDOKRV GH *DXVV TXH HP  OKH IRL GDGD D SURM HF}F aDR TXH DOFDQ}F RX H TXH FKHJRX DRV QRVVRV GLDV

$ GLVWULEXL}F aDR *DXVVLDQD xH XVDGD SRU /DSODFH SDUD GHVFUHYHU D G LVWULEX L}F aD R G H HUUR V 

   ( Q WUR S LD 0 xD [ LP D IDFWR FRQWHVWDGR SRU :LOO\ )HOOHU HP  GL]HQGR TXH D ?GLVWULEXL}F aDR GD IUHTXAH QFLD GH HUURV UHDLV TXDVH QXQFD VaDR *DXVVLDQRV 

&RQWUDULDQGR HVWD LGHLD FRQWLQXDVH D XVDU D

GLVWULEXL}F aDR *DXVVLDQD FRP R VXFHVVR TXH VH FRQKHFH QD HVWLPD}F aDR GH SDUADPHWURV 2 IDFWR GH VHU D GLVWULEXL}F aDR HVWDWxuVWLFD PDLV XVDGD WHP GXDV UD]aR HV SULQFLSDLV D Q R UP D OLG D G H DSDUHFH

QDWXUDOPHQWH HP PXLWDV VLWXD}F aR HV UHDLV GD )xuVLFD GD %LRORJLD H GDV &LAH QFLDV 6RFLDLV D RXWUD UD]aDR SUHQGHVH FRP D UHFRQKHFLGD LPSRUWADQFLD QD ,QIHUAH QFLD (VWDWxuVWLFD

8PD YDULxDYHO DOHDWxR ULD ; FXM D IXQ}F aDR GHQVLGDGH GH SUREDELOLGDGH xH GDGD SRU S [

€

S



H[S

~

b [ b {  b   [   € 

WHP GLVWULEXL}F aDR *DXVVLDQD FRP HVSHUDQ}F D PDWHPxDWLFD b 

 {  

€ !  H DEUHYLDGDPHQWH HVFUHYHVH 1 { € 

 H GHVYLR SDGUaDR

9ROWDQGR wD TXHVWaDR LQLFLDO XPD M XVWLqFD}F aDR SODXVxuYHO SDUD R VXFHVVR GD GLVWULEXL}F aDR *DXV

VLDQD EDVHLDVH QR SULQFxuSLR GD 0xD[LPD (QWURSLD SRLV HVWD GLVWULEXL}F aDR PD[LPL]D D (QWURSLD VXMHLWD D GHWHUPLQDGDV UHVWUL}F aR HV

7 H R U H P D   1 X P D YD ULxD YHO D OHD WxR ULD ; D EVR OX WD P HQ WH FR Q WxuQ X D FR P G HVYLR SD G UaD R €  D HQ WUR S LD xH P xD [LP D TX D Q G R D VX D IX Q }F aD R G HQ VLG D G H G H S UR ED ELOLG D G H S [  xH * D X VVLD Q D  ' H P R Q VWU D }F aD R 

2 SUREOHPD xH IRUPXODGR GD VHJXLQWH IRUPD =  PD[ + ; b S [ ORJ S [ G [

VXM HLWR wDV VHJXLQWHV UHVWUL}F aR HV

=

c 



S [ [  G [

c 

H

= c 



S [ G [



€ 

(VWH xH XP SUREOHPD FOxDVVLFR GR &xDOFXOR GH 9DULD}F aR HV FRQKHFLGR FRPR SUREOHPD ,VRSHULPxH WULFR

$ VXD UHVROX}F aDR HQYROYH R XVR GH 0XOWLSOLFDGRUHV GH /DJUDQJH GH DFRUGR FRP >3LQ 7HRUHPD  SxDJ @  2EWxH PVH DVVLP

/ >[ S [ @

= c 

=

c 

 

b S [ ORJ S [  z S [ [   { S [ G [ S [ b ORJ S [  z [   { G [ 

6HM D HQWaDR S f [ D IXQ}F aDR PD[LPL]DQWH 'HVWD IRUPD / >[ S f [ @ w / >[ S [ @  S [  &







& D SxuWX OR   ( Q WUR S LD H HP SDUWLFXODU (QWaDR

/ >[ S f [ @ w / >S f [  tU [ @  t  ,5 U [  &  

H SHOD FRQGL}F aDR GH H[WUHPR Z  t Mt

b Z  



=

Z  t

/ >[ S f [  tU [ @

Z t

 LVWR xH 



U [ b ORJ S f [  tU [  z [   { b

c 

U [ S f [  tU [ G [ S f [  tU [ =  U [ b ORJ S f [  z [   { b U [ G [ c 

SHOR OHPD IXQGDPHQWDO GR &xDOFXOR GH 9DULD}F aR HV >3LQ@ H ID]HQGR Z   { b 

 5HVROYHQGR HVWD HTXD}F aDR REWxH PVH S f [

 YHP b ORJ S f [  z [  

H[S z [   { b  

6XEVWLWXLQGR HVWH YDORU QDV UHVWUL}F aR HV H UHVROYHQGR R VLVWHPD HQFRQWUDPVH RV 0XOWLSOLFDGRUHV GH /DJUDQJH H

S f [

S

b [  H[S   € ~ €



8PD YH] TXH D IXQ}F aDR GDGD SHOD HTXD}F aDR   xH FAR QFDYD HQWaDR R SRQWR H[WUHPR xH XP PxD[LPR

7 H R U H P D   $ IX Q }F aD R    xH D IX Q }F aD R G HQ VLG D G H G H S UR ED ELOLG D G H G H X P D G LVWULEX L}F aD R * D X VVLD Q D H R YD OR U G D HQ WUR S LD P xD [LP D xH G D G R SR U + ; ' H P R Q VWU D }F aD R 

S ORJ ~ H € 



$ IXQ}F aDR GHQVLGDGH xH GDGD SRU  H b ORJ + [

'HVWH PRGR D HQWURSLD xH GDGD SRU + [

b

=

c  =  c 

S



S b ] ORJ ~ €   € 

S [ ORJ S [ G [ S

S [ ORJ ~ € G [ 

€ ORJ ~ €  €  S ORJ ~ H € 



= c 



S [

b [ G[ €  

   ( Q WUR S LD 0 xD [ LP D

2 UHVXOWDGR TXH VH DSUHVHQWD HP VHJXLGD xH DSHQDV XPD RXWUD IRUPD GH PRVWUDU TXH D

(QWURSLD WHP XP OLPLWH VXSHULRU

7 H R U H P D   ' D G D X P D YD ULxD YHO D OHD WxR ULD ; TX D OTX HU FR P IX Q }F aD R G HQ VLG D G H G H S UR ED ELOL G D G H S [ H YD ULAD Q FLD SR VLWLYD €   D HQ WUR S LD H[LVWH H xH G D G D SR U S + ; „ ORJ ~ H€ 

$ LJX D OG D G H VxR VH YHULq FD VH D G LVWULEX L}F aD R G H ; IR U X P D G LVWULEX L}F aD R * D X VVLD Q D  ' H P R Q VWU D }F aD R 

6HMD ; XPD YDULxDYHO DOHDWxR ULD TXDOTXHU FRP IXQ}F aDR GHQVLGDGH GH SUREDELOLGDGH

S [  PxH GLD { H YDULADQFLD €   )D]HQGR T [ b

=

c 



~ €  

b

S [ ORJ T [ G [

=



c 



H[S c

S [

[ c {  € 

QR /HPD 

ˆ z  [ b {  ORJ ~ €   G[  € 

 € ORJ ~ €    S €  ORJ ~ H € 



  

' LVWULE X L}F aD R ( [ S R Q H Q F LD O

$ GLVWULEXL}F aDR ([SRQHQFLDO xH EDVWDQWH XVDGD QD FRQVWUX}F aDR GH PRGHORV HVWRFxDVWLFRV 'L]VH

TXH XPD YDULxDYHO DOHDWxR ULD ; WHP GLVWULEXL}F aDR H[SRQHQFLDO FRP SDUADPHWUR z !  VH D VXD IXQ}F aDR GHQVLGDGH GH SUREDELOLGDGH IRU GDGD SRU I [

  z H[S b z [  

[ !  [ „ 

RX GH XPD IRUPD HTXLYDOHQWH VH D VXD IXQ}F aDR GLVWULEXL}F aDR IRU GDGD SRU ) [

=[

b

I \ G \

   b H[S b z [  

$ HVSHUDQ}F D PDWHPxDWLFD GH ; xH GDGD SRU ( >; @ 

 z

[ w 

[  

& D SxuWX OR   ( Q WUR S LD H D YDULADQFLD 9 D U >; @

( >;  @ b ( >; @  xH GDGD SRU

  z

9 D U >; @

'HVWD GLVWULEXL}F aDR GHGX]HPVH SURSULHGDGHV PXLWR LQWHUHVVDQWHV FRPR SRU H[HPSOR D

SURSULHGDGH ?VHP PHPxR ULD WUDGX]LGD SHOD VHJXLQWH H[SUHVVaDR 3 ; ! V  WM[ ! W

3 ; ! V 

FRQGL}F aDR TXH VH SRGH HVFUHYHU GD VHJXLQWH IRUPD

3 ; ! V  W; ! W 3 ; ! W

RX DLQGD FRPR

3 ; ! V  W

3 ; ! V

3 ; ! V 3 ; ! W 



(VWD FRQGL}F aDR xH VDWLVIHLWD VH ; IRU GLVWULEXxuGD ([SRQHQFLDOPHQWH $OxH P GLVVR HVWD xH D Xx QLFD GLVWULEXL}F aDR  FRP HVWD SURSULHGDGH 6H ; xH XPD YDULxDYHO DOHDWxR ULD H ) [ GD HTXD}F aDR   GHGX]VH TXH ) V  W J V  W

3 ; ! [ 

) V ) W H ) [ VDWLVID] D HTXD}F aDR IXQFLRQDO

J V J W  FXMD VROX}F aDR xH GDGD SHOD IXQ}F aDR J [

H[S b z [ 

2XWUD SURSULHGDGH LJXDOPHQWH LQWHUHVVDQWH SHUPLWH FRPSDUDU GXDV YDULxDYHLV DOHDWxR ULDV

H[SRQHQFLDOPHQWH GLVWULEXxuGDV 6HMDP HVVDV YDULxDYHLV ; UHVSHFWLYDPHQWH 3UHWHQGHVH FDOFXODU 3 ; 3 ;



 ; 

= =  =  

= 

b 6HM DP ;  ;  ;

z LL

Q

3 ; 3 ;

 





 ;   LVWR xH 

 ;  M;



H ;



FRP PxH GLDV  z  H  z  

[ z  H[S b z  [ G [

 [ z  H[S b z  [ G [

 b H[S b z  [ z  H[S b z  [ G [ H[S b z  [ z  G [ b z 

z z  z

z z  z

= 

H[S b z   z  [ G [ 

YDULxDYHLV ([SRQHQFLDOPHQWH GLVWULEXxuGDV H LQGHSHQGHQWHV GH SDUADPHWURV

Q  $ PHQRU YDULxDYHO DOHDWxR ULD GHVWH FRQMXQWR xH H[SRQHQFLDOPHQWH GLVWULEXxuGD GH

SDUADPHWUR LJXDO wD VRPD GH WRGRV RV SDUADPHWURV ,VWR xH  3 PLQI ;  ;  J ! [



5 HVX OWD G R FR Q MHFWX UD G R 

3 ;

L

! [ SDUD FDGD L 

Q

   ( Q WUR S LD 0 xD [ LP D % E  VHQ G R D VVLP

3 % D  3 % E

S D  S E

+ $  + %  3HOR IDFWR GD IXQ}F aDR Z S



b S ORJ S VHU FRQFADYD VHJXHVH TXH

Z S D  S E  Z S D  Z S E 





& D SxuWX OR   ( Q WUR S LD (QWaDR

b S  ORJ S  b

;1 L 

S L ORJ S L „ b S D ORJ S D  S E ORJ S E b

;1 L 

S L ORJ S L 

GRQGH VH REWxH P D GHVLJXDOGDGH  XPD YH] TXH R ODGR HVTXHUGR GD H[SUHVVaDR xH + $ H R ODGR

GLUHLWR xH LJXDO D + % 

7 H R U H P D   $ V SD UWL}F aR HV $ H & VaD R IR UP D G D V SR U 1 D FR Q WHFLP HQ WR V $  $

1

VaD R R V P HVP R V HP D P ED V SD UWL}F aR HV 2 V D FR Q WHFLP HQ WR V UHVWD Q WHV

VaD R G Hq Q LG R V G D VHJX LQ WH IR UP D  $ H SE

3 & E 



> $

6 H S   S D  S E  S  HQ WaD R

' H P R Q VWU D }F aD R 

6H S   S 

b S ORJ S H VH t !  HQWaDR

Z S

D FR Q WHFLP HQ WR V FD G D  2 V 1 b 



& D > & E H S 

3 $   S 

3 $   S D

+ $  + &  S D  S E HQWaDR S D

S  t  S b t

 S E  'D FRQYH[LGDGH GD IXQ}F aDR

Z S   Z S   Z S   t  Z S  b t  (QWaDR

b S  ORJ S  b S  ORJ S  b

;1 L 

3 & D

S L ORJ S L „ b S D ORJ S D b S E ORJ S E b

 ;1 L 

S L ORJ S L

H REWxH PVH D GHVLJXDOGDGH   XPD YH] TXH R ODGR HVTXHUGR GD H[SUHVVaDR xH + $ H R ODGR GLUHLWR

xH LJXDO D + & 

5HVXPLQGR D (QWURSLD SRGH VHU YLVWD GH XPD IRUPD



q D[LRPxDWLFD >$VK 6:@  RQGH + $ xH XP YDORU FDUDFWHUL]DGR SRU XP FRQM XQWR GH D[LRPDV TXH FRQGX]HP wD GHqQL}F aDR Xx QLFD GD H[SUHVVaDR  

q HPSxuULFD TXH GL] UHVSHLWR DR PRGHOR FRQFHSWXDO GH + $ HP UHOD}F aDR wDV Q REVHUYD}F aR HV

H SRGH VHU XVDGR SDUD GHWHUPLQDU + $ H[SHULPHQWDOPHQWH 8PD VHTXAH QFLD WxuSLFD W xH XP DFRQWHFLPHQWR FRP SUREDELOLGDGH H bQ +

$ 

$SOLFDQGR D LQWHUSUHWD}F aDR GH IUHTXAH QFLD

UHODWLYD PRVWUDVH TXH HP P UHSHWL}F aR HV VH R DFRQWHFLPHQWR W RFRUUHU Q YH]HV H P IRU JUDQGH HQWaDR 3 W { H bQ +

$

Q P  DVVLP + $ { b

 Q ORJ  Q P

q VXEM HFWLYD RQGH VH DqUPD TXH + $ xH LJXDO wD LQFHUWH]D DFHUFD GD RFRUUAH QFLD GR DFRQ WHFLPHQWR $ QXPD Xx QLFD UHDOL]D}F aDR GH / 



   ( Q WUR S LD 0 xD [ LP D H 6 HT X AH Q FLD V 7 xuS LFD V 1D 7AH PSHUD FRQWURODGD SHOD (QWURSLD R FRQFHLWR GH (QWURSLD DSDUHFH FRPR EDVH GR

PRGHOR PDWHPxDWLFR SDUD D 7AH PSHUD 6LPXODGD



& D S xuWX OR 

$ 7 AH P S H U D F R Q WU R OD G D S H OD ( Q WU R S LD

$ 7 AH P SHUD FR Q WUR OD G D SHOD ( Q WUR S LD >%$5@ xH DSUHVHQWDGD FRPR D MXQ}F aDR GH XP FRQFHLWR

D (QWURSLD FRP XPD PHWDKHXUxuVWLFD D 7AH PSHUD 6LPXODGD (VWH xH XP PxH WRGR TXH JHUD DOJRULWPRV DWUDYxH V GD UHDOL]D}F aDR GH XP HVTXHPD GH DUUHIHFLPHQWR EDVHDGR QR FRPSRUWDPHQWR

GD HQWURSLD (VWD LGHLD WLQKD VLGR DERUGDGD XQV DQRV DQWHV H DSUHVHQWDGD HP ?2Q 6LPXODWLQJ 7KHUPRG\QDPLFV >5%$@  HPERUD FRP XP WUDWDPHQWR LQFLSLHQWH GR FRQFHLWR GH (QWURSLD

&RPR VH REVHUYRX R HVTXHPD GH DUUHIHFLPHQWR xH FRPSRVWR SRU TXDWUR GHFLVaR HV TXH LP

SRUWD UHFRUGDU

q R YDORU GD WHPSHUDWXUD LQLFLDO

q R WHPSR GH SHUPDQAH QFLD HP FDGD QxuYHO GH WHPSHUDWXUD q D IRUPD GH GHVFHU D WHPSHUDWXUD q R FULWxH ULR GH SDUDJHP 1D OLWHUDWXUD H[LVWH XP FRQM XQWR PXLWR YDVWR GHVWHV HVTXHPDV GHVGH R RULJLQDO SURSRVWR SRU .LUNSDWULFN >.*9@ DWxH wD H[WHQVD FRPSLOD}F aDR SURGX]LGD SRU (PLOH $DUWV >/$ $.@ 

1D DERUGDJHP TXH DJRUD VH DSUHVHQWD R SURFHVVR IxuVLFR GD 7AH PSHUD HVWxD PXLWR SUHVHQWH

VHQGR UHDO}F DGR VHPSUH TXH VH M XOJDU QHFHVVxDULR

1D 7AH PSHUD D WHPSHUDWXUD LQLFLDO HVWxD HVWDEHOHFLGD SDUD FDGD VxR OLGR &DGD VxR OLGR WHP

R VHX SRQWR GH IXVaDR RQGH RV xDWRPRV WAH P XP HOHYDGR JUDX GH OLEHUGDGH 1D 7AH PSHUD 

& D SxuWX OR   $ 7 AH P S HUD FR Q WUR OD G D S HOD ( Q WUR S LD 6LPXODGD D WHPSHUDWXUD LQLFLDO xH GH FUXFLDO LPSRUWADQFLD SDUD R GHVHPSHQKR GRV DOJRULWPRV

2 HVSD}F R GH VROX}F aR HV GHYH VHU SHUFRUULGR FRP D PDLRU DPSOLWXGH SRVVxuYHO 7HRULFDPHQWH

GHVHM DVH TXH TXDOTXHU VROX}F aDR WHQKD LJXDO SUREDELOLGDGH GH VHU ?YLVLWDGD  (VWD VLWXD}F aDR xH FRQVHJXLGD VH D WHPSHUDWXUD IRU VXqFLHQWHPHQWH HOHYDGD 1HVWH FRQWH[WR R DGYxH UYLR ?VXq

FLHQWHPHQWH xH PXLWR LPSRUWDQWH XPD YH] TXH HVWH YDORU GHYH GHSHQGHU GH FDUDFWHUxuVWLFDV LQWUxuQVHFDV GH FDGD FRQFUHWL]D}F aDR

$VVLP FRPR RV GLYHUVRV VxR OLGRV WAH P SRQWRV GH IXVaDR

GLIHUHQWHV DV GLIHUHQWHV FRQFUHWL]D}F aR HV GH XP SUREOHPD WAH P FRQFHUWH]D XPD ?WHPSHUDWXUD FDUDFWHUxuVWLFD  3UHWHQGHVH HQFRQWUDU IRUPD GH TXDQWLqFDU D FDUDFWHUxuVWLFD LQWUxuQVHFD GH FDGD FRQFUHWL]D}F aDR (QFRQWURXVH XP ?PHFDQLVPR  WUDGX]LGR SRU XP DOJRULWPR TXH VH GHVLJQRX

SRU HQ WUR S xR P HWUR  2 HQ WUR S xR P HWUR PHGH D HQWURSLD GH XPD FRQFUHWL]D}F aDR TXH FRPR VH YHUxD DGLDQWH UHrHFWH GH DOJXP PRGR DV VXDV SULQFLSDLV FDUDFWHUxuVWLFDV 5HVXPLQGR SURFXUDVH TXH D WHPSHUDWXUD LQLFLDO VHM D DGHTXDGD wDV FDUDFWHUxuVWLFDV LQWUxuQVHFDV GD FRQFUHWL]D}F aDR $ HVWD SURSULHGDGH GR PxH WRGR FKDPRXVH D G D S WD ELOLG D G H

$ GHFLVaDR VHJXLQWH SUHQGHVH FRP D DYDOLD}F aDR GR HTXLOxuEULR D XPD GDGD WHPSHUDWXUD 1D

0HFADQLFD (VWDWxuVWLFD HVWH xH VLPXODGR SHOR $OJRULWPR GH 0HWURSROLV 1D 7AH PSHUD 6LPXODGD

SUHWHQGHVH GHWHUPLQDU R WHPSR GH SHUPDQAH QFLD QXP SDWDPDU GH WHPSHUDWXUD RX VHM D R FRPSULPHQWR GDV VXFHVVLYDV FDGHLDV GH 0DUNRY KRPRJxH QHDV H[SUHVVaDR KHUGDGD GR PRGHOR FOxDVVLFR GD 7AH PSHUD 6LPXODGD 2 HTXLOxuEULR WxH UPLFR xH FDUDFWHUL]DGR SHOD GLVWULEXL}F aDR GH %ROW]PDQQ $ WUDQVSRVL}F aDR GHVWH FRQFHLWR SDUD D 7AH PSHUD 6LPXODGD xH UHDOL]DGR DWUDYxH V

GD DSUR[LPD}F aDR GD GLVWULEXL}F aDR GH %ROW]PDQQ D XPD GLVWULEXL}F aDR ([SRQHQFLDO 1aDR WHQGR XPD UHOD}F aDR GLUHFWD FRP HVWD DERUGDJHP QR WUDEDOKR GH * 5R\HU >5R\@ VaDR DSUHVHQWDGRV DVSHFWRV VREUH D REWHQ}F aDR GR HTXLOxuEULR HVWDWxuVWLFR GH LQHJxDYHO LQWHUHVVH

2 WHPSR GH SHUPDQAH QFLD HP FDGD SDWDPDU GH WHPSHUDWXUD H D IRUPD FRPR HVWD GHVFH

HVWaDR LQH[RUDYHOPHQWH OLJDGRV 6H D WHPSHUDWXUD IRU GHVFLGD GH XPD IRUPD GHVFRQWURODGD R DOJRULWPR FRUUH VxH ULRV ULVFRV GH VHOHFFLRQDU XPD VROX}F aDR ?ORQJH GR xR SWLPR JOREDO 6H D WHPSHUDWXUD IRU GHVFLGD GH XPD IRUPD FRQWURODGD PDV PXLWR ?OHQWD  R DOJRULWPR SRGH QaDR x QHFHVVxDULR TXH H[LVWD XP PHLR WHUPR HQWUH HVWDV GXDV REWHU XPD VROX}F aDR HP WHPSR Xx WLO (

IRUPDV GH GHVFHU D WHPSHUDWXUD 2 FRQWUROR GD WHPSHUDWXUD WHP GH VHU HIHFWXDGR VHJXQGR D QDWXUH]D GD FRQFUHWL]D}F aDR H D IRUPD FRPR R DOJRULWPR HYROXL

2 FULWxH ULR GH SDUDJHP HVWxD XPD YH] PDLV UHODFLRQDGR FRP D (QWURSLD 2 DOJRULWPR GHL[D

GH VHU H[HFXWDGR TXDQGR D HQWURSLD DWLQJLU R VHX YDORU OLPLWH

&RPR VH REVHUYD D (QWURSLD RFXSD XP OXJDU HVWUDWxH JLFR QHVWD DERUGDJHP 'D PHVPD 

   2 0 R G HOR IRUPD TXH R SURFHVVR IxuVLFR HVWxD GHSHQGHQWH GRV JUDGLHQWHV GH HQHUJLD D 7AH PSHUD 6LPXODGD GHSHQGH GDV GLIHUHQ}F DV GD IXQ}F aDR RE M HFWLYR FDOFXODGDV HP VROX}F aR HV YL]LQKDV $ (QWURSLD

QHVWH PxH WRGR GHSHQGH GLUHFWDPHQWH GD WHPSHUDWXUD TXDOTXHU DOWHUD}F aDR GHVWH YDORU GHYH UHSHUFXWLUVH QR YDORU GD HQWURSLD

 

2 0 R G H OR

2 PRGHOR PDWHPxDWLFR TXH VH DSUHVHQWD WHP FDUDFWHUxuVWLFDV PXLWR SUxR SULDV 3UHWHQGHVH TXH

RV SDUADPHWURV QHFHVVxDULRV wD JHUD}F aDR GH DOJRULWPRV GHSHQGDP GLUHFWDPHQWH GH SURSULHGDGHV GR PRGHOR RV TXDLV GHYHP REHGHFHU D DOJXPDV FDUDFWHUxuVWLFDV SUHFLVDV FRPR D DGHTXD}F aDR DR SUREOHPD H JHUD}F aDR DXWRPxDWLFD HP WHPSR UHDO $ HVWUDWxH JLD HQFRQWUDGD FRQVLVWH QD DQxDOLVH HVWRFxDVWLFD XVDQGR IHUUDPHQWDV GD 7HRULD GDV 3UREDELOLGDGHV H (VWDWxuVWLFD

2 PRGHOR D

FRQVWUXLU GHYH VHU ULFR HP SURSULHGDGHV H D (QWURSLD GHYH VHU R HOR GH OLJD}F aDR HQWUH R PRGHOR

H D FRQVWUX}F aDR GH SDUADPHWURV SDUD TXH WRGDV DV SURSULHGDGHV WHxR ULFDV SRVVDP VHU WUDQVSRVWDV SDUD RV DOJRULWPRV DWUDYxH V GH HVWLPDGRUHV

$ PDJQLWXGH GH XPD WUDQVL}F aDR xH GDGD SRU s  6 d 6  ,5 YDORU TXH xH REWLGR GH XPD

IRUPD DOHDWxR ULD QR HVSD}F R GH VROX}F aR HV 6  1R GHVHQURODU GH XP DOJRULWPR R QxX PHUR GH

WUDQVL}F aR HV HIHFWXDGDV xH GD RUGHP GRV PXLWRV PLOKaR HV 2 PRGHOR xH FRQVWUXxuGR VREUH XPD DQxDOLVH HVWRFxDVWLFD GHVWDV WUDQVL}F aR HV 2 VHX QxX PHUR H D IRUPD FRPR VaDR REWLGDV OHYDP D TXH VH SRVVD FRQVLGHUDU XPD YDULxDYHO DOHDWxR ULD FRQWxuQXD FRPR IRUPD GH DV UHSUHVHQWDU

6aDR FRQVWLWXxuGDV DPRVWUDV GDV PDJQLWXGHV GH WUD Q VL}F aR HV D OHD WxR ULD V LVWR xH  VaDR WUDQVL}F aR HV

HIHFWXDGDV SRU H[HFX}F aDR GR PHFDQLVQR GH WUDQVL}F aDR VREUH R FRQM XQWR GDV VROX}F aR HV 8PD DQxDOLVH JUxDqFD GHVWDV DPRVWUDV DSRQWD SDUD TXH VH IRUPXOH D KLSxR WHVH GH TXH D GLVWULEXL}F aDR

WHxR ULFD DVVRFLDGD wDV PDJQLWXGHV VHM D *DXVVLDQD $SOLFRXVH R WHVWH GH .ROPRJRURY^6PLUQRY >3DS@ SDUD GHFLGLU HQWUH DV GXDV KLSxR WHVH VHJXLQWHV +



 * [

*  [

H

+



 * [  *  [

RQGH *  [ xH D GLVWULEXL}F aDR *DXVVLDQD H * [ xH D GLVWULEXL}F aDR GDV PDJQLWXGHV 0XLWR VXFLQ

WDPHQWH R WHVWH GH .ROPRJRURY^6PLUQRY xH DSOLFDGR D GLVWULEXL}F aR HV FXM DV IXQ}F aR HV GH YDULxDYHLV DOHDWxR ULDV VaDR LQGHSHQGHQWHV 1HVWHV FDVRV D OLVWD GRV GDGRV SRGH VHU FRQYHUWLGD QXP HVWL PDGRU QaDRHQYLHVDGR (

P

[  GD IXQ}F aDR GLVWULEXL}F aDR DFXPXODGD 6H RV P DFRQWHFLPHQWRV VaDR

GHqQLGRV SHORV YDORUHV [ L[ P  HQWaDR (

P

[ xH XPD IXQ}F aDR GDGD SHORV YDORUHV wD HVTXHUGD 

& D SxuWX OR   $ 7 AH P S HUD FR Q WUR OD G D S HOD ( Q WUR S LD GH [  6H HVWHV YDORUHV IRUHP RUGHQDGRV SRU RUGHP FUHVFHQWH D IXQ}F aDR xH FRQVWDQWH HQWUH YD x XPD IXQ}F aDR TXH SRGH VHU UHSUHVHQWDGD SRU SDWDPDUHV FRP LJXDO ORUHV GH [ FRQVHFXWLYRV ( SUREDELOLGDGH  P  SDUD WRGRV RV [ L $ HVWDWxuVWLFD XVDGD xH GDGD SRU '

PD[

b  [  

M(

P

[ b S [ M

RQGH S [ xH D IXQ}F aDR GLVWULEXL}F aDR FRQKHFLGD

1D DSOLFD}F aDR GR WHVWH GH .ROPRJRURY^6PLUQRY IRL XVDGR XP SURJUDPD FRPHUFLDO FKDPDGR

6366   2 UHVXOWDGR GD DSOLFD}F aDR GR WHVWH LQGLFD TXH QaDR VH GHYH UHM HLWDU D KLSxR WHVH GH D GLVWULEXL}F aDR VHU *DXVVLDQD

1R PRGHOR FRQVLGHUDVH TXH DV WUDQVL}F aR HV DOHDWxR ULDV WAH P GLVWULEXL}F aDR *DXVVLDQD GH PxH GLD

QXOD WDO TXDO WLQKD VLGR REVHUYDGR JUDqFDPHQWH

(VWH PxH WRGR WHP FRPR FDUDFWHUxuVWLFD SULQFLSDO D FDSDFLGDGH GH WRPDU GHFLVaR HV FRQWUD R

VHQWLGR GH RSWLPL]D}F aDR RX GH RXWUD IRUPD R $OJRULWPR GH 0HWURSROLV WHP HVVD FDSDFLGDGH $V WUDQVL}F aR HV HIHFWXDGDV QR GHFRUUHU GHVWH DOJRULWPR SHUWHQFHP DR FRQM XQWR d

I s  s w J

H VaDR R VXSRUWH SRVLWLYR GH RXWUD GLVWULEXL}F aDR GH SUREDELOLGDGH (VWDEHOHFHQGR D DQDORJLD HQWUH D GLVWULEXL}F aDR GH %ROW]PDQQ TXH UHSUHVHQWD D SUREDELOLGDGH GH HQFRQWUDU R VxR OLGR QXP

HVWDGR FRP GHWHUPLQDGD HQHUJLD H D SUREDELOLGDGH GH HIHFWXDU WUDQVL}F aR HV FRP GHWHUPLQDGD PDJQLWXGH SRVLWLYD DM XVWDVH XPD YDULxDYHO DOHDWxR ULD FRQWxuQXD ; FRP IXQ}F aDR GHQVLGDGH GH SUREDELOLGDGH GDGD SRU

H[S b [ 7  =

J [ 7

[ w 

RQGH = xH D )XQ}F aDR GH 3DUWL}F aDR GDGD SHOR LQWHJUDO =

=  

H[S b [ 7 G [

7



7 H R U H P D   $ IX Q }F aD R G HQ VLG D G H J [ 7 G D YD ULxD YHO D OHD WxR ULD FR Q WxuQ X D ; VHJX H X P D G LV WULEX L}F aD R ( [SR Q HQ FLD O >) HO  @ G H SD UAD P HWUR  7  G HQ R WD G D SR U ( [ S  7  G D G D SR U J [ 7 FR P HVSHUD Q }F D P D WHP xD WLFD {

H[S b [ 7  7



 b H[S b [ 7 



7 H YD ULAD Q FLD € 

7 

$ VXD IXQ}F aDR GLVWULEXL}F aDR xH GDGD SRU * [ 7 

6 3 6 6 IR U : LQ G RZ V 5 HOHD VH    ' HF   ^     



   2 0 R G HOR &RP D FDUDFWHUL]D}F aDR IRUPDO GR DOJRULWPR HIHFWXDGD UHVWD REVHUYDU D VXD DGHTXD}F aDR DR

IXQFLRQDPHQWR GR DOJRULWPR (VWDEHOHFLGR XP YDORU p  >H[S b s P

D[

GH UHM HLWDU XPD WUDQVL}F aDR GH PDJQLWXGH VXSHULRU xH GDGD SRU 3 ; p

7 > D SUREDELOLGDGH ! p

 b 3 ;



 b * p 7  8PD WUDQVL}F aDR GH PDJQLWXGH LQIHULRU D p xH DFHLWH FRQGLFLRQDOPHQWH FRP

SUREDELOLGDGH * p 7 

2 PRGHOR xH FRQVWUXxuGR FRP EDVH QR FRPSRUWDPHQWR GD VHTXAH QFLD GH YDULxDYHLV DOHDWxR ULDV

;  ; Q  ([SRQHQFLDOPHQWH GLVWULEXxuGDV GH SDUADPHWURV  7   7 Q 

$ )LJXUD   UHSUHVHQWD D VHTXAH QFLD GDV IXQ}F aR HV GH GLVWULEXL}F aDR UHIHUHQWH D FDGD XPD

GDV YDULxDYHLV DOHDWxR ULDV GHqQLGDV VREUH R PHVPR VXSRUWH 4XDQGR R YDORU GD WHPSHUDWXUD FUHVFH LQGHqQLGDPHQWH D IXQ}F aDR GH GLVWULEXL}F aDR WRPD R YDORU ]HUR 1HVWD VLWXD}F aDR WRGDV DV WUDQVL}F aR HV VaDR DFHLWHV H UHM HLWDGDV FRP LJXDO SUREDELOLGDGH OHYDQGR D TXH R DOJRULWPR SHUFRUUD R PDLRU QxX PHUR GH VROX}F aR HV SRVVxuYHLV )D]HQGR D DQDORJLD FRP XP VLVWHPD IxuVLFR HVWH xH R HVWDGR HP TXH RV xDWRPRV WAH P PDLRU OLEHUGDGH

4XDQGR D WHPSHUDWXUD WRPD R YDORU ]HUR D IXQ}F aDR GH GLVWULEXL}F aDR xH XQLWxDULD 1R FDVR

FRQFUHWR D SUREDELOLGDGH GH DFHLWDU FRQGLFLRQDOPHQWH XPD VROX}F aDR xH QXOD $VVLP R DOJRULWPR

DSHQDV DFHLWD H UHM HLWD H HVSHUDVH TXH QR qQDO LGHQWLqTXH XPD VROX}F aDR TXH VH HVSHUD VHU SUxR [LPD GD xR SWLPD )D]HQGR XPD YH] PDLV D DQDORJLD FRP D )xuVLFD R VLVWHPD HQFRQWUDVH QXP HVWDGR HOHPHQWDU 

7

 7

 H

7



7

[



7



7

 

)LJXUD  6HTXAH QFLD GH )XQ}F aR HV GH 'LVWULEXL}F aDR 7 H R U H P D   $ VHTX AH Q FLD G D V IX Q }F aR HV G H G LVWULEX L}F aD R  * ; 7 Q  FR Q YHUJH SD UD D G LVWULEX L}F aD R OLP LWH 

' H P R Q VWU D }F aD R 

&RPR R OLP Q 



7Q

 HQWaDR OLP Q 





 b H[S b [ 7 Q





& D SxuWX OR   $ 7 AH P S HUD FR Q WUR OD G D S HOD ( Q WUR S LD $ GHVFLGD GD WHPSHUDWXUD FRQGX] D XPD UHOD}F aDR GH RUGHP QD VHTXAH QFLD GH IXQ}F aR HV GH

GLVWULEXL}F aDR GH DFRUGR FRP D VHJXLQWH GHqQL}F aDR >:70@ 

' H q Q L}F aD R   8 P D YD ULxD YHO D OHD WxR ULD ; G R P LQ D HVWRFD VWLFD P HQ WH R X WUD YD ULxD YHO D OHD WxR ULD < VH *

;

[ ! *

<

[  R Q G H *

;

[ H *

<

[ VaD R D V IX Q }F aR HV G LVWULEX L}F aD R G D V YD ULxD YHLV D OHD WxR ULD V

FR Q WxuQ X D V ; H < G Hq Q LG D V VR EUH R P HVP R VX SR UWH UHVSHFWLYD P HQ WH 1R FDVR GD 7AH PSHUD FRQGX]LGD SHOD (QWURSLD 7 H R U H P D   $ YD ULxD YHO D OHD WxR ULD ; ' H P R Q VWU D }F aD R 

Q 

G R P LQ D HVWRFD VWLFD P HQ WH D YD ULxD YHO D OHD WxR ULD ; Q 

%DVWD YHU TXH 7Q

!

7Q

 b H[S b [ 7 Q



 b H[S b [ 7 Q  

b [ 7Q

!

* [ 7 Q





b [ 7Q  [ !  * [ 7 Q   



&RPR FRQVHTXAH QFLD GLUHFWD GD HTXD}F aDR   SRGHVH TXDQWLqFDU D SUREDELOLGDGH GH

XPD YDULxDYHO DOHDWxR ULD ;

Q

VHU PHQRU TXH ;

Q  

6DEHQGR TXH VaDR LQGHSHQGHQWHV H TXH DV

UHVSHFWLYDV HVSHUDQ}F DV PDWHPxDWLFDV VaDR 7 Q H 7 Q    D SUREDELOLGDGH xH GDGD SRU 3 ;

 

Q

 ;

Q



=  

3 ;

Q

7Q   7Q  7Q 

 ;

Q   M; Q  

[

H[S b [ 7 Q   G[ 7Q 



$ ( Q WU R S LD G D 7 AH P S H U D

&RP EDVH QR PRGHOR H[SRVWR SUHWHQGHVH GHWHUPLQDU R FRPSRUWDPHQWR GD (QWURSLD TXH

QD )xuVLFD HVWxD LQWLPDPHQWH OLJDGR wD WHPSHUDWXUD 9DULD}F aR HV GH WHPSHUDWXUD SURYRFDP DO

WHUD}F aR HV QR JUDX GH DOHDWRULHGDGH GRV xDWRPRV TXH VH UHrHFWHP QD (QWURSLD 1D 7AH PSHUD FRQGX]LGD SHOD (QWURSLD DV PXGDQ}F DV HQWUH VROX}F aR HV HVWDGRV HVWaDR GHVFULWDV SRU OHLV HV

WRFxDVWLFDV GHSHQGHQWHV GR SDUADPHWUR GH FRQWUROR 7  D WHPSHUDWXUD H D HQWURSLD GHYH UHrHFWLU DV GLIHUHQWHV FRQGL}F aR HV D TXH R VLVWHPD HVWxD VXEPHWLGR 

   $ ( Q WUR S LD G D 7 AH P S HUD &RPR VH REVHUYRX DV WUDQVL}F aR HV VaDR GHVFULWDV SRU GXDV YDULxDYHLV DOHDWxR ULDV FRP GLVWULEXL}F aDR

*DXVVLDQD H ([SRQHQFLDO FRP VXSRUWH QR FRQM XQWR GDV WUDQVL}F aR HV DOHDWxR ULDV H QR FRQM XQWR GDV WUDQVL}F aR HV SRVLWLYDV d UHVSHFWLYDPHQWH

1RWHVH TXH HVWDV GXDV GLVWULEXL}F aR HV PD[LPL]DP D HQWURSLD

$ YDULxDYHO DOHDWxR ULD <  TXH WHP FRPR VXSRUWH R FRQM XQWR GDV WUDQVL}F aR HV DOHDWxR ULDV WHP

GLVWULEXL}F aDR 1 €   $ HQWURSLD PxD[LPD xH GDGD SRU + <

S ORJ ~ €

 

H GHSHQGH XQLFDPHQWH GD YDULADQFLD €   1R SURFHVVR GD 7AH PSHUD 6LPXODGD R HVSD}F R GH

VROX}F aR HV GHYH VHU H[SORUDGR QR VHQWLGR GH REWHU D PxD[LPD YDULADQFLD H SRU FRQVHTXAH QFLD D PxD[LPD HQWURSLD

1R FDVR GD YDULxDYHO DOHDWxR ULD ;  TXH WHP FRPR VXSRUWH R FRQMXQWR d D HQWURSLD H

D WHPSHUDWXUD HVWaDR IRUWHPHQWH FRUUHODFLRQDGRV $ YDULxDYHO DOHDWxR ULD ; WHP GLVWULEXL}F aDR H[SRQHQFLDO FRP PxH GLD 7  'HVWH PRGR R YDORU PxD[LPR GD HQWURSLD xH GDGR SRU + ;

  OQ 7 

 

UHVXOWDGR REWLGR SHOD VXEVWLWXL}F aDR GR YDORU GD HVSHUDQ}F D PDWHPxDWLFD HP  &RPR FRQ VHTXAH QFLD D HQWURSLD xH ]HUR TXDQGR 7

 H

$QDOLVDQGR D VHTXAH QFLD I ; Q J GDV YDULxDYHLV DOHDWxR ULDV FRUUHVSRQGHQWHV D FDGD QxuYHO GH

WHPSHUDWXUD PRVWUDVH TXH

7 H R U H P D   $ HQ WUR S LD FR Q MX Q WD + I ; Q J xH OLP LWD G D VX SHULR UP HQ WH SR U ' H P R Q VWU D }F aD R 

3Q

N 

7N

$ GHPRQVWUD}F aDR xH EDVHDGD QR VHJXLQWH UHVXOWDGR DSUHVHQWDGR HP >$VK@  + ;  ;

Q

„ + ;   + ;     + ;

H FRPR VH FRQKHFH D HQWURSLD GH FDGD YDULxDYHO DOHDWxR ULD YHP … Q  < + I ; Q J  Q  ORJ 7N  N



Q





7 H R U H P D   ( [LVWH X P D UHOD }F aD R G H R UG HP Q D VHTX AH Q FLD G D V HQ WUR S LD V I + ; L J  G D G D SR U + ;  ! + ;  !  !  

 

& D SxuWX OR   $ 7 AH P S HUD FR Q WUR OD G D S HOD ( Q WUR S LD ' H P R Q VWU D }F aD R 

&RPR QD VHTXAH QFLD GDV WHPSHUDWXUDV H[LVWH XPD UHOD}F aDR GH RUGHP H FRPR R YDORU

GD HQWURSLD GHSHQGH GR YDORU GD WHPSHUDWXUD D UHOD}F aDR   xH LPHGLDWD



1D 0HFADQLFD (VWDWxuVWLFD R YDORU GD HQWURSLD xH FDOFXODGR D SDUWLU GR JUDX GR PRYLPHQWR

QR HVSD}F R GH IDVH PDLV SURSULDPHQWH R ORJDULWPR GHVWD PHGLGD 6LJQLqFD LVWR TXH TXDQGR VH

IRUQHFH HQHUJLD DR VLVWHPD DXPHQWD R PRYLPHQWR DOHDWxR ULR H FRQVHTXHQWHPHQWH D HQWURSLD x PDLV XPD YH] HVWD D PHOKRU DQDORJLD SDUD D HQWURSLD TXH VH DFDED GH GHqQLU 7DPExH P HOD ( GHSHQGH GLUHFWDPHQWH GD WHPSHUDWXUD &RPR IRL YDULDGDV YH]HV VDOLHQWDGR QR GHFRUUHU GR WUDEDOKR D WHPSHUDWXUD H D (QWURSLD RFXSDP XP SDSHO IXQGDPHQWDO QHVWH PRGHOR



& D S xuWX OR 

& R Q VWU X }F aD R G H $ OJ R U LWP R V $R ORQJR GHVWH WUDEDOKR IRL SURSRVWD XPD DERUGDJHP RULJLQDO GD 7AH PSHUD 6LPXODGD ^ D 7AH PSHUD FRQWURODGD SHOD (QWURSLD 3DUD HVWH PxH WRGR IRL FRQVWUXxuGR XP PRGHOR EDVHDGR QD DQxDOLVH HVWRFxDVWLFD GDV WUDQVL}F aR HV H GHOH SRGHP VHU GHGX]LGRV GLYHUVRV DOJRULWPRV 1R FDVR

SUHVHQWH SUHWHQGHVH TXH SDUD FDGD FRQFUHWL]D}F aDR H[LVWD XP DOJRULWPR TXH UHVSHLWH DV VXDV

FDUDFWHUxuVWLFDV LQWUxuQVHFDV 2 PxH WRGR TXH VH DSUHVHQWD WHP VXEM DFHQWH XP PRGHOR GR TXDO VH SRGHP GHGX]LU GLIHUHQWHV DOJRULWPRV SHOD UHDOL]D}F aDR GH XPD HVWUDWxH JLD GH DUUHIHFLPHQWR

VLPSOHV H GLUHFWD (VWH PxH WRGR IRL WHVWDGR HP GLYHUVRV SUREOHPDV GHVGH IXQ}F aR HV WHVWH PDLV RX PHQRV FRPSOLFDGDV SDVVDQGR SHOR SUREOHPD GH PLQLPL]D}F aDR GD VRPD GRV HOHPHQWRV GH XP YHFWRU ELQxDULR DWxH DR FOxDVVLFR 3UREOHPD GR &DL[HLUR 9LDMDQWH

(P WRGRV HVWHV SUREOHPDV QaDR VH SUHWHQGHX HQFRQWUDU DOJRULWPRV FRPSHWLWLYRV FRP RXWURV

H[LVWHQWHV PDV YHULqFDU R FRPSRUWDPHQWR GHVWD DERUGDJHP HP SUREOHPDV FRP GLIHUHQWHV JUDXV GH GLqFXOGDGH

2 H[HPSOR GH DOJRULWPR TXH DTXL VH DSUHVHQWD WHP XP HVTXHPD GH DUUHIHFLPHQWR DGDSWDGR

D FDGD FRQFUHWL]D}F aDR JHUDGR HP WHPSR UHDO H WRWDOPHQWH DXWRPxDWLFR GHSHQGHQWH DSHQDV GR PRGHOR GD 7AH PSHUD FRQWURODGD SHOD (QWURSLD

3DUD R HIHLWR xH QHFHVVxDULR HQFRQWUDU

XP FRQM XQWR GH HVWLPDGRUHV SDUD TXH FRQFHLWRV FRPR D (QWURSLD SRVVDP VHU HIHFWLYDPHQWH FDOFXODGRV QXPHULFDPHQWH



& D SxuWX OR   & R Q VWUX }F aD R G H $ OJ R ULWP R V

 

( VWLP D G R U H V

$ HQWURSLD PxD[LPD UHIHUHQWH D WUDQVL}F aR HV DOHDWxR ULDV GH XPD FRQFUHWL]D}F aDR HVWxD UHODFLRQDGD FRP D YDULADQFLD DPRVWUDO $QWHV GH H[HFXWDU R SUxR SULR DOJRULWPR xH FRQVWLWXxuGD XPD DPRVWUD FRP RV GLIHUHQWHV YDORUHV s  GDV WUDQVL}F aR HV DOHDWxR ULDV &RPR VH UHIHULX DVVRFLRXVH D HVWHV x FRP EDVH QHVWH SUHVVXSRVWR YDORUHV XPD GLVWULEXL}F aDR WHxR ULFD *DXVVLDQD GH PxH GLD QXOD ( TXH VH HQFRQWUD XP HVWLPDGRU SDUD R GHVYLR D UDL] TXDGUDGD GD YDULADQFLD 6aDR HIHFWXDGDV

WUDQVL}F aR HV DOHDWxR ULDV DWxH TXH D PxH GLD VHM D SUxR [LPD GH ]HUR R TXH QHFHVVDULDPHQWH YDULD FRQVRDQWH D QDWXUH]D GH FDGD FRQFUHWL]D}F aDR

&RPR VH REVHUYRX D HQWURSLD PxD[LPD xH GDGD SRU

6HQGR HVWLPDGD SRU

+

S ORJ ~ € 

+A

S ORJ ~ Y  3P

s L  L

RQGH R GHVYLR xH HVWLPDGR SHOD YDULADQFLD Y 

P



 H XPD YH] TXH D PxH GLD xH QXOD HVWH

YDORU xH VLPSOHVPHQWH XPD P xH G LD TX D G UD G D GD PDJQLWXGH GDV WUDQVL}F aR HV DOHDWxR ULDV

'XUDQWH D H[HFX}F aDR GR DOJRULWPR D HQWURSLD UHIHUHQWH wD YDULxDYHO DOHDWxR ULD ;  FXM R VXSRUWH

xH R FRQM XQWR d GDV WUDQVL}F aR HV SRVLWLYDV xH HVWLPDGD XVDQGR D VHJXLQWH H[SUHVVaDR + A

RQGH

b

;P

L 

S L ORJ S L



H[S b s L 7  =A xH XPD DSUR[LPD}F Da R GD SUREDELOLGDGH GH HIHFWXDU XPD WUDQVL}F aDR FRP YDORU s L  &RPR R YDORU SL {

GH P xH PXLWR JUDQGH D IXQ}F aDR GH 3DUWL}F aDR SRGH VHU HVWLPDGD SRU =A

;P

L 

H[S b s L 7 { 7 



6XEVWLWXLQGR HP  R YDORU GD IXQ}F aDR GH 3DUWL}F aDR REWxH PVH D H[SUHVVaDR SDUD D SURED

ELOLGDGH

H[S b s L 7  7

SL

'HVWH PRGR XPD DSUR[LPD}F aDR SDUD R YDORU GD HQWURSLD xH FDOFXODGD SRU + A

b

;P H[S b s L 7 L 

7



ORJ

H[S b s L 7 7

   8 P ( [ HP S OR G H $ OJ R ULWP R b

RQGH d

3P

L 

P

{ sL

;P s L H[S b s L 7 L 

7

d  ORJ 7 7

7

 ORJ 7

;P H[S b s L 7 L 

7

 



&RPR VH REVHUYRX D H[SUHVVaDR GD HQWURSLD PxD[LPD QR PRGHOR xH GDGD SRU +   ORJ 7  &RPSDUDQGR HVWH YDORU FRP R HVWLPDGRU REWLGR + A  D HQWURSLD VHUxD PxD[LPD TXDQGR d 7 

1RWHVH XPD YH] PDLV D UHOD}F aDR H[LVWHQWH HQWUH WRGRV HVWHV SDUADPHWURV H R YDORU GD

WHPSHUDWXUD

&RP HVWH FRQM XQWR GH HVWLPDGRUHV xH SRVVxuYHO HVWDEHOHFHU YxDULRV HVTXHPDV GH DUUHIHFLPHQWR

H GHVWD IRUPD FRQVWUXLU YxDULRV DOJRULWPRV EDVHDGRV QD 7AH PSHUD FRQWURODGD SHOD (QWURSLD

 

8 P ( [ H P S OR G H $ OJ R U LWP R

&RPR IRL UHIHULGR HVSHUDVH TXH XP JUDQGH QxX PHUR GH WUDQVL}F aR HV HIHFWXDGDV VREUH R HVSD}F R

GH VROX}F aR HV WHQKD XPD GLVWULEXL}F aDR WHxR ULFD 1 €   $ WHPSHUDWXUD LQLFDO xH HQFRQWUDGD SRU IRUPD D REWHU D PxD[LPD HQWURSLD (QTXDQWR D PxH GLD GD DPRVWUD QaDR IRU SUxR [LPD GH ]HUR VaDR HIHFWXDGDV WUDQVL}F aR HV FDOFXODQGR D YDULADQFLD Y  H SRU qP D HQWURSLD PxD[LPD VXEVWLWXLQGR HVWH YDORU QD H[SUHVVaDR   (VWH YDORU xH DWULEXxuGR wD WHPSHUDWXUD LQLFLDO

2 FULWxH ULR GH DFHLWD}F aDR HVWRFxDVWLFR xH HVWDEHOHFLGR GH DFRUGR FRP XP YDORU p REWLGR DOHDWR

ULDPHQWH QR FRQM XQWR >H[S b s P

D[

7 > RQGH s P

D[

xH R PxD[LPR GR YDORU GDV WUDQVL}F aR HV $V

WUDQVL}F aR HV SRVLWLYDV VaDR DFHLWHV VH H[S s 7 „ p H UHM HLWDGDV QR FDVR FRQWUxDULR

$ HQWURSLD QR GHFRUUHU GR DOJRULWPR xH FDOFXODGD XVDQGR D HTXD}F aDR   2 DOJRULWPR HIHFWXD FRQWLQXDPHQWH WUDQVL}F aR HV D XPD GHWHUPLQDGD WHPSHUDWXUD HQTXDQWR + A  + AD Q W  RQGH + AD Q W xH D HQWURSLD DVVRFLDGD DR QxuYHO GH WHPSHUDWXUD DQWHULRU

2 QRYR YDORU GR SDUADPHWUR 7  WHPSHUDWXUD xH FDOFXODGR FRP EDVH QD )XQ}F aDR GH 3DUWL}F aDR

XVDQGR D H[SUHVVaDR    8PD DOWHUQDWLYD SDUD R QRYR YDORU GD WHPSHUDWXUD VHULD D GH LJXDODU HVWH wD PxH GLD GD PDJQLWXGH GDV WUDQVL}F aR HV SRVLWLYDV FDOFXODGD QR QxuYHO DQWHULRU GH WHPSHUDWXUD

2 DOJRULWPR WHUPLQD D VXD H[HFX}F aDR TXDQGR D HQWURSLD HVWLYHU SUxR [LPD GR VHX YDORU OLPLWH

LVWR xH  TXDQGR D WHPSHUDWXUD DWLQJLU XP YDORU SUxR [LPR GH  H  

& D SxuWX OR   & R Q VWUX }F aD R G H $ OJ R ULWP R V

 

5 H VX OWD G R V

2 WHVWH GR DOJRULWPR IRL HIHFWXDGR HP SULPHLUR OXJDU VREUH XP FRQMXQWR GH IXQ}F aR HV WHVWH

UHWLUDGDV GH >7$@  (P WRGDV DV IXQ}F aR HV WHVWDGDV R xR SWLPR IRL REWLGR $ LPSOHPHQWD}F aDR IRL IHLWD HP 0DW/DE TXH DOxH P GD UHVROX}F aDR GR SUREOHPD DSUHVHQWD DLQGD XPD YL]XDOL]D}F aDR JUxDqFD GR HYROXLU GDV VROX}F aR HV DWxH DR xR SWLPR JOREDO

1R VHJXQGR SUREOHPD LPSOHPHQWDGR SUHWHQGHVH PLQLPL]DU D VRPD GRV HOHPHQWRV GH XP

YHFWRU ELQxDULR GH FRPSULPHQWR Q  )RUPDOPHQWH PLQ 0

RQGH ; | 9

I0

 >P  P

0 ;

Q

@J H P

L

;Q L 

P

L

 I J  )DFLOPHQWH VH YHULqFD TXH HVWH SUREOHPD

WHP XP Xx QLFR SRQWR GH PxuQLPR JOREDO 2 SUREOHPD wD SULPHLUD YLVWD SDUHFH GHVSURYLGR GH TXDOTXHU GLqFXOGDGH 1R HQWDQWR HP WHUPRV GH WHVWH GH DOJRULWPRV UHYHODVH H[WUHPDPHQWH LQWHUHVVDQWH (VWH xH XP SUREOHPD HP TXH DOJXPDV GDV VXDV FRQFUHWL]D}F aR HV VaDR PDLV GLIxuFHLV

GH UHVROYHU GR TXH RXWUDV LVWR xH  SURYDVH TXH SHUWHQFH wD &ODVVH 13 >0DU@  2 PHFDQLVPR GH WUDQVL}F aDR TXH VH XVRX FRQVLVWH QD WURFD GH XP HOHPHQWR VHOHFFLRQDGR DOHDWRULDPHQWH QR YHFWRU 2 SUREOHPD IRL WHVWDGR FRP YDORUHV GH Q HQWUH  H  H HP WRGRV RV FDVRV D VROX}F aDR xR SWLPD IRL REWLGD 2 WHPSR GH H[HFX}F aDR YDULRX HQWUH DOJXQV VHJXQGRV H SRXFRV PLQXWRV

2 FRPSRUWDPHQWR GR DOJRULWPR FRQGX]LGR SHOD (QWURSLD GHPRQVWURX QHVWH SUREOHPD XP H[FHOHQWH GHVHPSHQKR

)LQDOPHQWH WHVWRXVH R 3UREOHPD GR &DL[HLUR 9LDM DQWH &RPR IRL UHIHULGR QaDR VH SUH

WHQGHX HQFRQWUDU XP PxH WRGR FRPSHWLWLYR SDUD D VXD UHVROX}F aDR PDV VLP DYDOLDU R IXQFLRQD

PHQWR GH XP DOJRULWPR FRP XPD HVWUDWxH JLD GH DUUHIHFLPHQWR PXLWR VLPSOHV 8VDQGR DV SDODYUDV GH 'DYLG -RQKVRQ DFHUFD GRV GLIHUHQWHV WLSRV GH DOJRULWPRV QaDR VH SUHWHQGH HQ

FRQWUDU XP DOJRULWPR WLSR ?K R UVH UD FLQ J  &RQVFLHQWH GH TXH H[LVWHP PxH WRGRV HODERUDGRV

H GH PXLWR ERD TXDOLGDGH SDUD D UHVROX}F aDR GHVWH SUREOHPD H H[DFWDPHQWH SRU LVVR R WHVWH FRPSDUDWLYR GRV DOJRULWPRV GHVHQYROYLGRV WRUQRXVH XP GHVDqR LQWHUHVVDQWH 2V UHVXOWDGRV

UHFHQWHV GR & HQ WHU IR U 5 HVHD UFK R Q 3 D UD OOHO & R P S X WD WLR Q  SXEOLFDGRV QD UHYLVWD 3 D UD OOHO & R P S X WLQ J 5 HVHD UFK 



GaDR FRQWD GH TXH 'DYLG $SSOHJDWH 5REHUW %L[E\ H :LOOLDP &RRN

REWLYHUDP XP QRYR UHFRUGH QR FxDOFXOR GD VROX}F aDR GH XPD FRQFUHWL]D}F aDR FRP   FLGDGHV

2 UHFRUGH DJRUD EDWLGR WLQKD VLGR HVWDEHOHFLGR HP  FRP  FLGDGHV 1D UHVROX}F aDR GR SUREOHPD IRUDP XVDGDV WUAH V 'LJLWDO $OSKD6HUYHU  FRP XP WRWDO GH  SURFHVVDGRUHV 

9 R O   Q {R  ^ 6 S ULQ J  6 X P P HU    



   ' LVFX VVaD R H XP FRQMXQWR GH  3& 3HQWLXP,, 2 SUREOHPD GHPRURX FHUFD GH WUAH V PHVHV D VHU UHVROYLGR

2 DOJRULWPR EDVHDGR HP WxH FQLFDV GH FRPSXWD}F aDR SDUDOHOD UHXQLD XP FRQM XQWR GH LGHLDV GDV PDLV YDULDGDV xDUHDV FRPR SRU H[HPSOR SROLHGURV FRPELQDWxR ULRV RSWLPL]D}F aDR FRPELQDWxR ULD

SURJUDPD}F aDR LQWHLUD H OLQHDU HVWUXWXUDV GH GDGRV H DOJRULWPRV FRPSXWD}F aDR SDUDOHOD HQJH QKDULD GH VRIWZDUH H DQxDOLVH QXPxH ULFD

2V UHVXOWDGRV FRPSXWDFLRQDLV GR 3UREOHPD GR &DL[HLUR 9LDMDQWH IRUDP HIHFWXDGRV VREUH

XP FRQM XQWR GH FRQFUHWL]D}F aR HV GH GLPHQVaDR EHP PDLV PRGHVWD HVFROKLGRV DOHDWRULDPHQWH QD ELEOLRWHFD 763/,% 

$ LPSOHPHQWD}F aDR IRL IHLWD HP & H H[HFXWDGD HP GXDV PxDTXLQDV GLVWLQWDV 7RGDV DV

FRQFUHWL]D}F aR HV IRUDP WHVWDGDV R PHVPR QxX PHUR GH YH]HV QXP 3&3HQWLXP ,,  0+] 

FRP VLVWHPD RSHUDWLYR /LQX[ H WUAH V +3^ FRP VLVWHPD RSHUDWLYR 81,; 2 PHFDQLVPR GH

WUDQVL}F aDR XVDGR IRL D WURFD GXSOD SURSRVWR SRU 6 /LQ H % .HUQLJKDQ >/.@  2V UHVXOWDGRV VaDR DSUHVHQWDGRV QD WDEHOD   FRQVWUXxuGD FRP EDVH QD H[HFX}F aDR GH  SUREOHPDV UHWLUDGRV

GD 763/,% FRP LQGLFD}F aDR GR YDORU xR SWLPR 2 DOJRULWPR IRL H[HFXWDGR FHP YH]HV SDUD FDGD FRQFUHWL]D}F aDR GDV TXDLV VH UHWLUDUDP RV VHJXLQWHV HOHPHQWRV D PHOKRU VROX}F aDR H D PxH GLD GH WRGRV RV FXVWRV GDV PHOKRUHV VROX}F aR HV REWLGDV $SUHVHQWDVH DLQGD R HUUR UHODWLYR

HP UHOD}F aDR wD PHOKRU VROX}F aDR REWLGD H DR xR SWLPR IRUQHFLGR SHOD 763/,% HQWHQGLGR FRPR XPD PHGLGD GR GHVHPSHQKR GR DOJRULWPR

 

' LVF X VVaD R

2EVHUYDQGR D WDEHOD  QRWDVH TXH H[LVWH XPD FODUD LQGHSHQGAH QFLD HQWUH R GHVHPSHQKR

GR DOJRULWPR H R QxX PHUR GH FLGDGHV 2 GHVHPSHQKR SDUHFH HVWDU FRQGLFLRQDGR SRU RXWURV IDFWRUHV HQWUH RV TXDLV VH SHQVD TXH R PDLV UHOHYDQWH VHMD D SRVL}F aDR UHODWLYD TXH DV FLGDGHV RFXSDP QR PDSD

&RQFUHWL]D}F aR HV FRPR ?SU H ?r SDUHFHP DSUHVHQWDU XP JUDX GH GLqFXOGDGH PDLRU

RX VLPSOHVPHQWH D DGHTXD}F aDR GR DOJRULWPR QaDR xH D PHOKRU 1aDR H[LVWLQGR QHQKXPD M XVWL qFD}F aDR DFHLWxDYHO SDUD HVWH IDFWR QRWDVH DSHQDV TXH R PDSD GHVWDV FRQFUHWL]D}F aR HV UHSUHVHQ

WDGDV UHYHOD XP WLSR GH HVWUXWXUD GLIHUHQWH GDV UHVWDQWHV 1D qJXUD  VaDR DSUHVHQWDGRV GRLV PDSDV UHIHUHQWHV D GXDV FRQFUHWL]D}F aR HV ?D H ?SU  FRP GHVHPSHQKR GLIHUHQWH &RPR VH SRGH REVHUYDU R SRVLFLRQDPHQWR GDV FLGDGHV HP ?SU xH VLJQLqFDWLYDPHQWH GLIHUHQWH GR 

K WWS   Z Z Z LZ UX Q LK HLG HOE HUJ G H LZ U FR P R S W 7 6 3 / ,%  



& D SxuWX OR   & R Q VWUX }F aD R G H $ OJ R ULWP R V

1RPH

XO\VVHV ED\V

GDQW]LJ EHUOLQ VW

HLO

1xX PHUR GH

x 2SWLPR

&XVWR GD PHOKRU

&XVWR PxH GLR GH







&LGDGHV

GD 763/,%









 



VROX}F aDR

 H[HFX}F aR HV

5HODWLYR



























 

NUR$









FK









UG

FK SU D

r D

 



























 

















SU



G



r



 

(UUR









 

     

   

 

   

7DEHOD   5HVXOWDGRV GD DSOLFD}F aDR GD 7AH PSHUD FRQWURODGD SHOD (QWURSLD D FRQFUHWL]D}F aR HV GR 3UREOHPD GR &DL[HLUR 9LDM DQWH



   ' LVFX VVaD R TXH HP ?D 

2V WHPSRV GH H[HFX}F aDR TXH VH DSUHVHQWDP VaDR PxH GLRV HP UHOD}F aDR wDV FHP YH]HV HP TXH

D FRQFUHWL]D}F aDR xH WHVWDGD (VWH YDORUHV VaDR DSHQDV LQGLFDWLYRV XPD YH] TXH xH HIHFWXDGR XP FRQMXQWR GH FxDOFXORV TXH QDGD WAH P TXH YHU FRP D HVWUDWxH JLD DSUHVHQWDGD VHUYLQGR DSHQDV SDUD YHULqFD}F aDR H FRQWUROR 2V WHPSRV GH H[HFX}F aDR DSUHVHQWDGRV QD WDEHOD  VaDR UHYHODGRUHV

1RPH

XO\VVHV ED\V

GDQW]LJ EHUOLQ VW

HLO

1xX PHUR GH

7HPSR GH

&LGDGHV

H[HFX}F aDR KRUDV



 

 

   



 



 



 

NUR$





FK





UG

FK SU D

r D

 

















SU



G



r



 



 

7DEHOD   7HPSR PxH GLR GH  H[HFX}F aR HV GR DOJRULWPR GR IDFWR GH VH WHVWDU XP SUREOHPD 1 3 ^FRPSOHWR H PDLV XP IRUWH LQGLFDGRU QR VHQWLGR GD FRQqUPD}F aDR GD KLSxR WHVH GH TXH 3 13 3DUHFH WDPExH P H[LVWLU DOJXP WLSR GH FRUUHOD}F aDR LQYHUVD HQWUH D TXDOLGDGH GD VROX}F aDR H R WHPSR GH H[HFX}F aDR

1D qJXUD  REWLGD FRP EDVH QD WDEHOD  SRGH REVHUYDUVH D IRUWH FRUUHOD}F aDR H[LVWHQWH

HQWUH D HQWURSLD PxD[LPD H R HUUR UHODWLYR TXH QR VHQWLGR HVWDWxuVWLFR xH GH 

1HVWH DOJRULWPR D HQWURSLD PxD[LPD GDV WUDQVL}F aR HV DOHDWxR ULDV xH XP H[FHOHQWH LQGLFDGRU

GR GHVHPSHQKR GR DOJRULWPR



& D SxuWX OR   & R Q VWUX }F aD R G H $ OJ R ULWP R V

1RPH

XO\VVHV

0xD[LPD (QWURSLD

GDV WUDQVL}F aR HV DOHDWxR ULDV

5HODWLYR







ED\V

GDQW]LJ



EHUOLQ



VW



HLO



NUR$



UG



FK



FK



SU



D



r



D



SU



r

7DEHOD 

(UUR



G



     

   

 

   

0xD[LPD (QWURSLD GDV FRQFUHWL]D}F aR HV REWLGDV DOHDWRULDPHQWH SDUD FDGD FRQ

FUHWL]D}F aDR GH XPD GDV  H[HFX}F aR HV GR DOJRULWPR



   ' LVFX VVaD R $ FODVVLqFD}F aDR TXH VH LOXVWUD DWUDYxH V GD qJXUD   H D TXH VH FKDPRX FOD VVHV G H FR Q 

FUHWL]D }F aR HV UHVXOWD GD DYDOLD}F aDR GD HQWURSLD PxD[LPD QDV WUDQVL}F aR HV DOHDWxR ULDV 1HVWD qJXUD

xH H[LELGD D FRUUHOD}F aDR HQWUH D HQWURSLD PxD[LPD H R HUUR UHODWLYR

(VWH FRPSRUWDPHQWR GD HQWURSLD PxD[LPD HP WUDQVL}F aR HV DOHDWxR ULDV LQGLFD TXH HVWH SRGH VHU

XP LQWHUHVVDQWH FDPLQKR SDUD VH REWHU XPD IRUPD GH FODVVLqFDU DV FRQFUHWL]D}F aR HV GH TXDOTXHU

SUREOHPD GD FODVVH 13 (VWD FODVVLqFD}F aDR VHUxD XPD QRYD IRUPD GH DERUGDU RV SUREOHPDV GD FODVVH 13 H WHUxD FHUWDPHQWH LPSOLFD}F aR HV QRXWURV GRPxuQLRV FRPR VHM D D GHPRQVWUD}F aDR GH TXH 3  13



Lihat lebih banyak...

Comentários

Copyright © 2017 DADOSPDF Inc.